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Equity Evaluation of Top 3 IT companies
Preface………
The securities market in India has undergone a metamorphosis in the past decade.
The advents of new technologies and widespread awareness among the masses about the
activities of the securities have given new blood to the market, which underwent some bad
phases in the early nineties. The new reforms introduced aftermath of stock scam of 1992,
have brought about a significant transformation in the activities of that securities markets in
India.
Economic growth of any country lies on the basic infrastructure facilities available in
that country but how and by whom is this basic infrastructure provided to the people of the
country? The government of the country, which needs huge funds for it, meets these
infrastructure needs of the people. The government raises funds from the public and other
institutional investors by issuing securities in the form of T-bills, Government securities, etc.
but when the government invites private parties to participate in the infrastructure projects,
these companies too raise funds from the market which comprises individuals, corporates,
institutions etc.in the form of debt or equity. Further, the individuals will also be in need of
long term funds to meet their basic needs of owning an asset. Thus we find that the need for
the long term funds is all pervasive and the parties to the demand and supply of funds are
same. Funds are normally raised in the IPO market through the issue of shares, debentures
and bonds.
In India, though the capital market is denominated by the debt market, equity markets are
more attractive with a lot many participants. The government owned securities market
constitutes the majority of the total capital market of India. The securities market is being
classified in to primary or new issue market, and secondary market. The new issues of both
the government and private corporate sectors are floated in the primary market. The
secondary market provides liquidity to the outstanding securities or existing securities.
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The securities market no doubt plays a vital role in the distribution of economic prosperity in
a country over the masses when a large number of people invest their surpluses in securities.
The stock market is an integral part of organized capital market.
It facilitates the sale of initial and further issues, and subsequently provides liquidity to the
securities subscribed by the individual and institutional participants. The stock market
provides a place where ownership or creditorship securities are traded. The stock exchange
is a place where industrial securities like shares, debentures and bonds are traded.
In the early eighties, the public awareness of the stock market in India was at a very low
level, and the activities in the stock market confined only to the institutional investors but
the situation changed in the late eighties and the market activity reached its zenith in the
early nineties but the stock market scam of 1992 came as a major blow to the development
of market, and it called for a mammoth effort on the part of the regulatory authorities to
resurrect the lost confidence of the investors. The role of leading regulator of the securities
market in India namely SEBI, is remarkable for a span of few years it has brought about
organized structure of operations. It clearly defines the roles of various participants,
introduced innovative changes to meet their demands and to ensure transparency in the
functioning of the securities market and safety of investor’s money.
For investment purposes it is very important to know about security markets

especially equity market. Thus the present work involves the study of equity market, about
its evolution and its structure the way the trading takes place and its settlement process and
also evaluating the probable equity prices of top IT Companies namely Wipro, Tata
Consultancy Services, Infosys Technologies, Satyam Computers, and Patni Computers for
the future period. The equity prices will be determined after careful analysis of the Balance
sheets of last five years of all the companies and also by adopting various models.
CONTENTS
1. Executive Summary 7-13

2. Introduction 14
3. Organization Profile 15-16
4. Stock Market 17-21
5. Global Economy 22-23
6. Indian Economy 24-32
7. IT Industry 33-36
8. Data Analysis 37-69
a) Wipro 37-47
b) Infosys 48-59
c) TCS 60-69
8.Equity Valuation Models 70-81
9. Findings 82-83
10. Recommendations 84
11.Bibilography 85
Annexure
1) Ratio formulas 85
2) Beta valuation 86-107
Executive Summary
Equity markets, the world over, grew at a great speed in the decade
of nineties. After bear markets of the late eighties, the world markets saw one of the largest
ever bull markets of more than ten years. The market capitalization of all the listed
companies in the world market increased from US $9,399,659 million in1990 to US
$32,222,750 million in 2000; the market capitalization thus increased to more than 3.4 times
in 10 years. The increase of the market capitalization in the developing countries was even
more marked, with an increase to 4.3 times the market capitalization in 1990. the world
market capitalization as a percentage of the world GDP also increased from 48% in 90 to
105.% in 2000. Thus, the growth of equity market has outpaced the GDP growth of the
world. However due to recession in the world economy, the world market capitalization
decreased to US $27,818,618 million during 2001. The spectacular growth was partly due to
increase in the number of listed companies, which grew from 25,424 in 90 to 45,645 in
2001.
Indian stock markets have turned extremely buoyant with the Sensex, the
bellwether index of the Indian stock markets zooming sky high to a peak of 20000- a feat
which could not have even been imagined by anyone just one year ago. Surprisingly, while
engineering, steel, cement, oil and gas, construction and power among others have shot up
into prominence, the information technology sector the proud mascot of modern resurgent
India have started loosing their shine. If we take the present fiscal year, Sensex has given
return of about 45% since April 2007 till now; IT index has shown a loss of around 6%. So
the present study would be to know the reason for the same and also to know the future
prices of these stocks. Hence Equity Valuation of these companies have been undertaken by
taking in to consideration five years data pertaining to these companies so as to find out the
reasons and to frame proper strategies for the investors as to what sort of steps should be
taken by them in future.
Design of the study
Title of the study

“Equity Valuation of Top Three IT Companies”
Objectives of the study

a) To study the performance of three IT Companies namely Wipro, Infosys, TCS.
b) To evaluate the financial performance of these companies through fundamental

analysis by taking in to consideration data of last five years
c). To determine the Equity prices through Equity Valuation Models.
d) To evaluate the prices of these companies.
e) To design strategy for profitable investment in equities which yields maximum

returns.
Scope of the study

a) The study is conducted only on the Equity shares of the company
b) The study covers only top three companies in IT sector

c) Five years (2003-07) data has been taken into consideration for the study
Need for the study

The knowledge of securities markets, particularly of the equity markets, is essential to
come to grips with the fundamental analysis of a company and the environment surrounding
it- the economy in general and the industry in particular. The global market scenario also
affects the pricing of a company’s share or any issue, in today’s boundary less world. So,
equity valuation of a company is the need of the hour so as to know the competitiveness of
the company when compared with industry benchmark and with its competitors and also to
predict the future price of the company to know where the company stands which would
help the investor whether or not to hold the scrip for a longer period.
Need for Equity valuation of IT Companies.

India’s information technology services companies, the proud mascot of a
modern, resurgent India, and darling of investing public, have started loosing their appeal.
Their shares have lost their shine and have grossly underperformed inn a buoyant market,
which is scaling newer peaks almost every month. Is it the time to write them off? Or do
they have the talent, resources and infrastructure to overcome the daunting problems that
afflict them now and hit the high-growth path once again. So it is very necessary to know
what the investors should do at this time.
METHODOLOGY OF DATA COLLECTION
SOURCES OF DATA
PRIMARY DATA
 Discussion with the company official

Discussion regarding the IT sector and IT Companies performance
and how equity shares of these companies are performing presently.
SECONDARY DATA
 Internet sources
 Annual Reports of the companies
 Business magazines
CONCEPTUAL DESIGN
Sample unit: Equity shares of the selected companies
Sample size: 5 years financial data of these companies

Sample method: direct.
FINDINGS
1) The Indian economy is growing very fast. It’s contribution to the world’s GDP is
around 7.7%. Next only to China and U.S. This revels the fact that it will have positive
impact on all the industries of the country.
2) The growth of IT Industry has been commendable in the recent past. It has been the
fastest growing industry but the stocks performance revels a different story. The last 16
months performance has been very disappointing. The main reasons being stock
market’s high volatility, Rupee appreciation and U.S. slowdown. In such case it can
adopt the following remedies.
3) The fundamental analysis of the companies revels the following

a) The companies are fundamentally very strong. There has been full utilization of
the resources, except for TCS very there was a lack of liquidity in the year
2004
b) The earnings of the companies have been very good.
c) When a comparison is made between the three companies, Infosys stands
fundamentally very strong. it has outperformed in all the aspects be it, the
ROE, EPS, book value and even in terms of liquidity. The company having no
Debt in its capital structure has been earning revenues higher than the revenues
earned by Wipro and TCS.
d) The next company better in terms of fundamentals is TCS. It has performed
better than Wipro in all the aspects of fundamentals.
4) The stock market performance also depicts the same picture. It is Infosys, which is in
the lead followed by TCS and Wipro.
5) The most risky stocks among the three has been TCS share prices having a Beta value
of . 0.91 followed by Wipro which has got beta of 0.79 and Infosys is less riskier as it
has got beta of 0.68
The findings from the Equity has reveled the following
Model Wipro TCS Infosys

Discount Model Rs.605 Rs.1508 Rs.2385
Multi Period Rs.731 Rs.1859 Rs.2843
Two Stage Rs.1325 Rs.1745 Rs.1453
Model
The above table shows the expected future equity price of respective shares. It can be
observed from the above table that
1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in
case of Wipro. It means that stock will perform better in future compared to its present
value.
2) The generalized Model, which speaks about future, expected price in forthcoming years is
valued at Rs.694. Which is again higher than its previous value of Rs.572.
3) The Multi period model, which indicates the intrinsic value of share in future, is about
Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a
lesser intrinsic value compared to market price indicates that the stock has got great
potential to perform in future and investment in such stock would be profitable.
4) The same can be noticed in case of TCS and Infosys. There market prices going to
Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is
also lesser compared to their market price, indicating better performance in future.
5) A comparison between these stocks reveals that, Infosys shares will perform better
compared to TCS and Infosys. The reason is that the company is fundamentally very strong.
RECOMMENDATION
1) In spite of fall in the value of share prices in the recent past, I would definitely
recommend the investors to invest in these companies. Reasons being the companies
are financially very strong.
2) The current volatility in the market is due to Rupee appreciation, and

U.S.slowdown but the companies have taken several measures to see that these two
problems are resolved. They have diversified their business and also they have
hedged against the rupee appreciation. So investment in these stocks would not lead
to loss.
3) The recommendation would be to invest for a longer period of time. At least for 5
years as they would yield better returns.
4) As the intrinsic value of all the three stocks are lesser compared to their market
price so the suggestion would be hold the stocks if they have bought or buy the
shares as they will definitely give good returns in the future.
5) If a choice has to be made among the three then it would be better to choose
Infosys as the option, as it is fundamentally very strong company and it has got
higher value in market currently and it will also give better returns in the future
compared to other two stocks.
6) It is advisable for the investor to go through the fundamental of the companies

before investing and avoid investing based on the market sentiments, as they
would
be misleading. Investing in a fundamentally strong company for longer period of
time would be a worthy decision.
7) A better Strategy for any investor would be to invest in these companies and not to
trade or speculate because share market is not a casino. And don’t panic if the values
of shares are coming down, as it is only temporary.
Equity Valuation
Equity valuation in recent years has become one of the important aspects in
finance field. Today Equity Valuation has received much attention and it is the need of the
hour. Equity Valuation is a way of determining the value of equity share of the company. To
evaluate the equity price of any company the most important steps to be taken are
 To study the Global Economy: To know the growth of the world economy and
India’s contribution in the world’s GDP.
 To study the Indian Economy: To assess the track record of Indian Economy so as to
know at what rate the economy is growing and to see impact of economy on the
industries and particularly to IT sector.
 To Study about IT sector: To know how the industry as a whole is performing so as to
assess its impact on the companies. To know where does the industry stands in its
life cycle to know whether the industry is growing or matured, which will tell us
whether the company is performing poorly or the industry itself is stagnated.
 To fundamentally assess the companies: to study the performance of the companies for
five years so as to evaluate the performance critically. The fundamental analysis
includes analysis of Balance sheet and Profit and Loss account of these companies
and to calculate the key ratios, which will help in assessing the value anchor, which
gives the expected market price for the next year.
 Lastly assessing the equity price of company through Equity Models. The models
used in the study are Dividend Discount Model, Multi period Model, Two stage
Model.
 Dividend Discount Model, which is used to assess the market, price of share for the
next year.
 Multi Period Model is used to assess the expected market price of share for N
number of years.
 Two Stage Model is used to evaluate the intrinsic value of share in future.
This is how the equity is valued. Equity Valuation is becoming increasingly important as
India is operating in global scenario where it becomes important to know what exactly is the
value of company and it is also becoming very important for analysts and also for investor
who would like to know the value of the equity before investing. Equity valuation
Motilal Oswal Securities Ltd

Motilal Oswal Financial Services is a well-diversified financial services group having
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With 1300 business locations and more than 3,85,000 customers in over 425 cities, Motilal
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company has in the last year placed 9.48% with two leading private equity investors - New
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Motilal Oswal Financial Services Ltd., consists of four companies.
Motilal Oswal Investment Advisors Pvt. Ltd. is our Investment Banking arm with
collective experience of over 100 years in investment banking/corporate banking and
advisory services
Motilal Oswal Commodities Broker (P) Ltd. has been providing commodity trading
facilities and facilities and related products and services since 2004.
Motilal Oswal Venture Capital Advisors Private Limited has launched the India
Business Excellence Fund (IBEF), a US$100 mn India focused Private Equity Fund.
Motilal Oswal Securities Ltd. (MOSt) is a leading research and advisory based stock
broking house of India, with a dominant position in both institutional equities and wealth
management. Our services include equities, derivatives, e-broking, portfolio management,
mutualfunds, commodities, IPO’s and Depository Services.
In March 2006, AQ Research, a firm that analyses the accuracy of a broker’s research call,
declared Motilal Oswal Securities the best research team
Research is the solid foundation on which Motilal Oswal Securities advice is based. Almost
10% of revenue is invested on equity research and we hire and train the best resources to
become advisors. At present we have 24 equity analysts researching over 26 sectors. From a
fundamental, technical and derivatives research perspective; Motilal Oswal's research
reports have received wide coverage in the media.
Motilal Oswal Securities has witnessed rapid organic growth due to favorable market
conditions as well as efforts put in by the company itself. FY05 and FY06 saw the company
grow inorganically through acquisition of three significant regional broking firms from
Karnataka, Kerala and UP. Over a period of time many more regional broking firms may be
acquired to gain solid footing in various regions of India.
The company has also established a base in the UAE to address the needs of the overseas
audience.
Motilal Oswal Securities Ltd. was founded in 1987 as a small sub-broking unit, with just
two people running the show. Focus on customer-first-attitude, ethical and transparent
business practices, respect for professionalism, research-based value investing and
implementation of cutting-edge technology have enabled us to blossom into an almost
Our institutional business unit has relationships with almost all leading foreign institutional
investors (FIIs) in the US, UK, Hong Kong and Singapore.
The retail business unit provides equity investment solutions to more than 3,85,000 investors
through 1300 Business locations spanning over 425 cities. A force of over 2000 employees
and over 808 Business Associates provides these solutions. We provide advice-based
broking (equities and derivatives), portfolio management services (PMS), e-Broking,
depository services, commodities trading, IPO and mutual fund investment.
Company’s unique Wealth Creation Study, authored by Mr. Raamdeo Agrawal, Managing
Director, is now in its eleventh year. Investors keenly await this annual study for the wealth
of information it has on how companies created wealth during the preceding five years.
The organization finds its strength in its team of young, talented and confident individuals.
Qualified professionals carry out different functions under the able leadership of its
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process, focus on continuous training and adoption of best management practices drive the
quest to achieving our Core Purpose and Values
Stock Market
Capital occupies a position so dominant to the economic theory of production and
distribution that it is natural to assume that it should occupy at least an equally important
place in the theory and practice of economic growth. The subject whether approached
historically or analytically or from the standpoint of policy, it is the process of capital
accumulation that occupies the front of the stage. It is usually implied that economic growth
and capital accumulation with a high positive and significant correlation and additions to the
stock of capital can provoke and facilitate faster rate of growth even under the circumstances
which can be described as shortage of capital.
Capital market means the market for all the financial instruments, short term and long term
as also commercial, industrial and government paper. The capital market deals with capital.
The capital market is a market where borrowing and lending of long term funds takes place.
Capital markets deal in both debt and equity. The governments both central and state raise
money in the capital market, through the issue of government securities. Capital markets
refer to all the institutes and mechanisms of raising medium and long-term funds, through
various instruments available like shares, debentures, bonds etc.
Corporate both in the private sector as well as in the public sector raise thousands of crores
of rupees in these markets. The government, through Reserve Bank of India, as well as
financial institutions also raises a lot of money from these markets. Example of well-
developed markets is – The Global depository and American depository.
The two important operations carried out are
1) Raising of the new capital

2) Trading in securities issued by the company.
The important constituents of capital market are:
1. The stock exchanges

2. Banks
3. The investment trusts and companies
4. Specialized financial institutions or development banks.
5. Mutual funds
6. Post office saving banks
7. Non banking financial institutions
8. International financial investors and institutions.
The supply in this market comes from saving from different sectors of the economy. These
come from the following sources:
1. Individuals
2. Corporate
3. Governments
4. Foreign countries
5. Banks
6. Provident funds
7. Financial institutions.
Moreover the establishment of National Stock Exchange and Bombay Stock Exchange has
been turning point in the working of capital markets. Even tough BSE is the oldest
exchange in the country the performance of NSE has been commendable. NSE started in the
year 1994 and BSE in 1857.BSE trade for the top thirty companies in India where as NSE
trades for top fifty companies. The establishment time, and number of companies traded
differs so as their indices points and turn over. There has been considerable change in the
percentage change that takes place in these exchanges. They never go parallel. Recently the
RBI has allowed participation of individuals in the government securities markets. This
move is likely to open new avenues for investment to individuals. Moreover the Finance
Ministry has announced the removal of income tax on dividend in the hands of the receiver
and no capital gains tax on investments made in equity after 1.3.03 and held for one year.
.
Evolution of Indian Capital Market
The history of the capital market in India dates back to the eighteenth century when
East India Company securities were traded in the country. Until the end of the nineteenth
century, securities trading were unorganized and the main trading centers were Bombay
(now Mumbai) and Calcutta (now Kolkata). Of the two, Bombay was the chief trading
centre wherein bank shares were the major trading stock. During the American Civil War
(1860-61), Bombay was an important source of supply for cotton. Hence, trading activities
flourished during the period, resulting in a boom in share prices. This boom, the first in the
history of the Indian capital market, lasted for a half a decade. The bubble burst on July 1,
1865, when there was tremendous slump in share prices.
Trading was at that time limited to a dozen brokers: their trading place was under a banyan
tree in front of the Town Hall in Bombay. These stockbrokers organized an informal
association in 1875-Native Shares and Stock Brokers Association, Bombay. The stock
exchanges in Calcutta and Ahmadabad, also industrial and trading centers, came up later.
The Bombay Stock Exchange was recognized in May 1927 under the Bombay Securities
Contracts Control Act, 1925.
The capital market was not well organized and developed during the British rule because the
British government was not interested in the economic growth of the country. As a result,
many foreign companies depended on the London capital market for funds rather than on the
Indian capital market.
In the post-independence period also, the size of the capital market remained small. During
the first and second five-year plans, the government's emphasis was on the development of
the agricultural sector and public sector undertakings. The public sector undertakings were
healthier than the private undertakings in terms of paid-up capital but their shares were not
listed on the stock exchanges. Moreover, the Controller of Capital Issues (CCI) closely
supervised and controlled the timing, composition, interest rates, pricing, allotment, and
floatation costs of new issues. These strict regulations demotivated many companies from
going public for almost four and a half decades.
In the 1950s, Century Textiles, Tata Steel, Bombay Dyeing, National Rayon, and Kohinoor
Mills were the favorite scrips of speculators. As speculation became rempant, the stock
market came to be known as 'Satta Bazaar'. Despite speculation, non-payment or defaults
were not very frequent. The government enacted the Securities Contracts (Regulation) Act
in 1956s was also characterized by the establishment of a network for the development of
financial institutions and state financial corporations.
The 1960s was characterized by wars and droughts in the country, which led to
bearish trends. These trends were aggravated by the ban in 1969 on forward trading and
'badla', technically called 'contracts for clearing.' 'Badla' provided a mechanism for carrying
forward positions as well as borrowing funds. Financial institutions such as LIC and GIC
helped to revive the sentiment by emerging as the most important group of investors. The
first mutual fund of India, the Unit Trust of India (UTI) came into existence in 1964.
In the 1970s, badla trading was resumed under the disguised form of 'hand-delivery
contracts-A group.' This revived the market. However, the capital market received another
severe setback on July 6, 1974, when the government promulgated the Dividend Restriction
Ordinance, restricting the payment of dividend by companies to 12 per cent of the face value
or one-third of the profits of the companies that can be distributed as computed under
section 369 of the Companies Act, whichever was lower. This led to a slump in market
capitalization at the BSE by about 20 per cent overnight and the stock market did not open
for nearly a fortnight. Later came buoyancy in the stock markets when the multinational
companies (MNCs) were forced to dilute their majority stocks in their Indian ventures in
favour of the Indian public under FERA, 1973. Several MNCs opted out of India.
The 1980s witnessed an explosive growth of the securities market in India, with millions of
investors suddenly discovering lucrative opportunities. Many investors jumped into the
stock markets for the first time. The government's liberalization process initiated during the
mid-1980s, spurred this growth. Participation by small investors, speculation, defaults, ban
on badla, and resumption of badla continued. Convertible debentures emerged as a popular
instrument of resource mobilization in the primary market. The introduction of public sector
bonds and the successful mega issues of Reliance Petrochemicals and Larsen and Toubro
gave a new lease of life to the primary market..
The 1990s will go down as the most important decade in the history of the capital market of
India. Liberalizations and globalization were the new terms coined and marketed during this
decade. The Capital Issues (Control) Act, 1947 was repealed in May 1992. The decade was
characterized by a new industrial policy, emergence of SEBI as a regulator of capital
market, advent of foreign institutional investors, Euro-issues, free pricing, new trading
practices, new stock exchanges, entry of new players such as private sector mutual funds
and private sector banks, and primary market boom and bust.
Major capital market scams took place in the 1990s. These shook the capital market and
drove away small investors from the market. The securities scam of March 1992 involving
brokers as well as bankers was on of the biggest scams in the history of the capital market.
In the subsequent years owing to free pricing, many unscrupulous promoters, who raised
money from the capital market, proved to be fly-by-night operators. This led to erosion in
the investors' confidence. The M S Shoes case, one such scam which took place in March
1995, put a break on new issue activity.
The 1991-92 securities scam revealed the inadequacies of and inefficiencies in the financial
system. It was the scam, which prompted a reform of the equity market. The Indian stock
market witnessed a sea change in terms of technology and market prices. Technology
brought radical changes in the trading mechanism. The Bombay Stock Exchange was
subject to nationwide competition by two new stock exchanges-the National Stock
Exchange, set up in 1994, and Over the Counter Exchange of India, set up in 1992. The
National Securities Clearing Corporation (NSCC) and National Securities Depository
Limited (NSDL) were set up in April 1995 and November 1996 respectively form improved
clearing and settlement and dematerialized trading. The Securities Contracts (Regulation)
Act, 1956 was amended in 1995-96 for introduction of options trading. Moreover, rolling
settlement was introduced in January 1998 for the dematerialized segment of all companies.
With automation and geographical spread, stock market participation increased.
In the late 1990s, the Information Technology (IT) scrips were dominant on the Indian
bourses. These scrips included Infosys, Wipro, and Satyam. They were a part of the favorite
scrips of the period, also known as 'New Economy' scrips, along with telecommunications
and media scrips. The new economy companies are knowledge intensive unlike the old
economy companies that were asset intensive.
The Indian capital market entered the twenty-first century with the Ketan Parekh scam. As a
result of this scam, badla was discontinued from July 2001 and rolling settlement was
introduced in all scrips. Trading of futures commenced from June 2000, and Internet trading
was permitted in February 2000.
It has been a long journey for the Indian capital market. Now the capital market is
organized, fairly integrated, mature, more global and modernized. The Indian equity market
is one of the best in the world in terms of technology. Advances in computer and
communications technology, coming together on Internet are shattering geographic
boundaries and enlarging the investor class. Internet trading has become a global
phenomenon. The Indian stock markets are now getting integrated with global markets.
The Global Economy
The movement of the World Wide Economy from a Traditional Economy to a Global one
has come through the technological advancements strengthened by modern technological
discoveries, beginning from the days of the Industrial Revolution in England. However due
to rapid globalization, national economies along with rules & regulations are losing
importance. Mergers between multinational corporations are in vogue, as every organization
wants to exercise total control over the World Market.
The main features of the Global Economy are as follows
1) Global output (gross world product (GWP) rose by 4.4% in 2005, led by China
(9.3%), India (7.6%), and Russia (5.9%). The contribution of U.S.A. was 3.5%.
2) gross world product:purchasing power parity exchange rates are $59.38

trillion(2005),$51.48 trillion (2004), $49 trillion (2002).
3)GDP - real growth rate: 4.3% (2005 est.), 3.8% (2003), 2.7% (2001)
4)GDP - per capita: purchasing power parity - $9,300 (2005), $8,200 (2003), $7,900
5)GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2004)

6) Inflation rate (consumer prices): developed countries 1% to 4% typically; developing
countries 5% to 60% typically; national inflation rates vary widely in individual cases, from
declining prices in Japan to hyperinflation in several Third World countries (2003)
7) Global debt issuance: $5.187 trillion (2004), $4.938 trillion (2003), $3.938 trillion (2002)
8)Global equity issuance: $505 billion (2004), $388 billion (2003), $319 billion (2002)
Employment
Unemployment rate: 30% combined unemployment and underemployment in many non-

industrialized countries; developed countries typically 4%-12% unemployment
Industries
Industries: dominated by the onrush of technology, especially in computers,

robotics,telecommunications and medicines and medical
Industrial production growth rate: 3% (2002 est.)
Energy
Yearly electricity - production: 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)
Yearly electricity - consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001
est.)
Oil- production: 79.65 million bbl/day (2003 est.), 75.46 million barrel/day (12,000,000
m³/d) (2001)
Oil - consumption: 80.1 million bbl/day (2003 est.), 76.21 million barrel/day (12,120,000
m³/d) (2001)
Oil - proved reserves: 1.025 trillion barrel (163 km³) (2001 est.)
Natural gas- production: 2,569 km³ (2001 est.)
Natural gas - consumption: 2,556 km³ (2001 est.)
Natural gas - proved reserves: 161,200 km³
Cross-border
Yearly exports: $6.6 trillion (f.o.b., 2002 est.)

Exports - commodities: the whole range of industrial and agricultural goods and services
Exports - partners: US 17.4%, Germany 7.6%, UK 5.4%, France 5.1%, Japan 4.8%, China
4% (2002)
Yearly imports: $6.6 trillion (f.o.b., 2002 est.)
Imports - commodities: the whole range of industrial and agricultural goods and services
Imports - partners: US 11.2%, Germany 9.2%, China 7%, Japan 6.8%, France 4.7%, UK
4% (2002)
Debt - external: $2 trillion for less developed countries (2002 est.)
Gift economy
Yearly economic aid - recipient: Official Development Assistance (ODA) $50 billion...
Communications
Telephones - main lines in use: 843,923,500 (2003)

1,263,367,600 (2005)
Telephones - mobile cellular: 2,168,433,600 (2005)
Internet Service Providers(ISPs): 10,350 (2000 est.)
Internet users: 1,311,050,595 (January 18, 2008 est.), 1,091,730,861 (December 30, 2006
est.), 604,111,719 (2002 est.)
INDIAN ECONOMY
The economy of India when measured in USDexchange-rate terms, is the twelfth largestin
the world, with a GDP of US $1.25 trillion (2008).It is the third largest in terms of
purchasing power parity India is the second fastest growingmajor economy in the world,
with a GDP growth rate of 9.4% for the fiscal year 2006–2007. However, India's huge
population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised
2007 estimate).The World Bankclassifies India as a low-income economy.
India's economy is diverse, encompassing agriculture, handicrafts, textile,

manufacturing, and a multitude of services. Although two-thirds of the Indian workforce
still earn their livelihood directly or indirectly through agriculture, services are a growing
sector and play an increasingly important role of India's economy. The advent of the digital
age, and the large number of young and educated populace fluent in English, is gradually
transforming India as an important 'back office' destination for global outsourcing of
customer services and technical support. India is a major exporter of highly-skilled workers
in software and financial services, and software engineering Other sectors like
manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication,
shipbuilding aviation and tourism are showing strong potentials with higher growth rates.
India followed a socialist-inspired approach for most of its independent

history, with strict government control over private sector participation, foreign trade, and
foreign direct investment. However, since the early 1990s, India has gradually opened up its
markets through economic reforms by reducing government controls on foreign trade and
investment. The privatisation of publicly owned industries and the opening up of certain
sectors to private and foreign interests has proceeded slowly amid political debate.
India faces a fast-growing population and the challenge of reducing economic and social
inequality. Poverty remains a serious problem, although it has declined significantly since
independence. Official surveys estimated that in the year 2004-2005, 27% of Indians were
poor.
Public expenditure
India's public expenditure is classified as development expenditure, comprising central plan

expenditure and central assistance and non-development expenditures; these categories can
each be divided into capital expenditure and revenue expenditure.
India's non-development revenue expenditure has increased nearly fivefold in 2003–

04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single
largest item of expenditure and accounted for more than 40% of the total non-development
expenditure in the 2003–04 budgets. Defense expenditure increased fourfold during the
same period and has been increasing due to growing tensions in the region, the expensive
dispute with Pakistan over Jammu and Kashmir and an effort to modernize the military.
Administrative expenses are compounded by a large salary and pension bill, which rises
periodically due to revisions in wages, dearness allowance etc. subsidies on food, fertilizers,
education and petroleum and other merit and non-merit subsidies account are not only
continuously rising, especially because of rising crude oil and food prices, but are also
harder to rein in, because of political compulsions
.
Public receipts
India has a three-tier tax structure, wherein the constitution empowers the union government
to levy Income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service
tax, customs and excise duties and the state governments to levy sales tax on intra-state sale
of goods, tax on entertainment and professions, excise duties on manufacture of alcohol,
stamp duties on transfer of property and collect land revenue (levy on land owned). The
local governments are empowered by the state government to levy property tax, Octroi and
charge users for public utilities like water supply, sewage etc. More than half of the revenues
of the union and state governments come from taxes, of which half come from Indirect
taxes. More than a quarter of the union government's tax revenues is shared with the state
governments.
The tax reforms, initiated in 1991, have sought to rationalise the tax structure and increase
compliance by taking steps in the following directions:
Reducing the rates of individual and corporate income taxes, excises, customs and making it
more progressive
Reducing exemptions and concessions
Simplification of laws and procedures
Introduction of Permanent account number to track monetary transactions
21 of the 29 states introduced Value added tax(VAT) on April 1, 2005 to replace the
complex and multiple sales tax system
The non-tax revenues of the central government come from fiscal services, interest receipts,
public sector dividends, etc., while the non-tax revenues of the States are grants from the
central government, interest receipts, dividends and income from general, economic and
social services.
Inter-State share in the federal tax pool is decided by the recommendations of the Finance
Commission to the President.
General budget
The Finance minister of India presents the annual union budget in the Parliament on the last
working day of February. The budget has to be passed by the Lok Sabha before it can come
into effect on April 1 the start of India's fiscal year. The Union budget is preceded by an
economic survey which outlines the broad direction of the budget and the economic
performance of the country for the outgoing financial year. This economic survey involves
all the various NGOs, women organizations, business people, old people associations etc.
India's union budget for 2005–06, had an estimated outlay of Rs.5,14,344 crores ($118
billion). Earnings from taxes amount to Rs. 2,73,466 crore ($63b). India's fiscal deficit
amounts to 4.5% or 1,39,231 crore ($32b). The fiscal deficit is expected to be 3.8% of GDP,
by March 2007.
Currency system
Rupee
The Rupee is the only legal tender accepted in India. The exchange rate as of October
13, 2007 is about 39.18 to a US dollar, 55.56 to a Euro, and 79.82 to a UK pound. The
Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which
peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The
highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in
circulation is the 25 paise coin.
Exchange rates
Under the fixed exchange rate system, the value of the rupee was linked to the British pound
sterling until 1946, and after independence, 30% of India's foreign trade was determined in
pound sterling. In 1975, as per the floating exchange rate system, the value of the rupee was
pegged to a basket of currencies and was tightly controlled by the Reserve Bank of India.
Since 2005, its value has been appreciating against the US dollar, Euro and British Pound
Sterling. Since liberalisation reforms in early 1990s, the rupee is fully convertible on trade
and current account. This appreciation of rupee aganist dollar in the year 2008 does have a
very big negative impact on the overall economy since indian economy is direclty linked to
its IT sector, IT sector contributes a major part of indian economy.
Physical infrastructure
Since independence, India has allocated nearly half of the total outlay of the five-year plans
for infrastructural development] Development of infrastructure was completely in the hands
of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias
and an inability to scale investment.
India's low spending on power, construction, transportation, telecommunications and real
estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher
growth rates.
This had prompted the government to partially open up infrastructure to the private sector
allowing foreign investment which has helped in a sustained growth rate of close to 9% for
the past six quarters. India holds second position in the world in roadways' construction,
more than twice that of China. As of 2005 the electricity production was at 661.6 billion
kWh with oil production standing at 785,000 bbl/day. India's prime import partners are :
China 8.7%, US 6%, Germany 4.6%, Singapore 4.6%, Australia 4% as of 2006 CIA
FactBook As of 15 January 2007, there were 2.10 million broadband lines in India. Low
tele-density is the major hurdle for slow pickup in broadband services. Over 76% of the
broadband lines were via DSL and the rest via cable modems.
Financial institutions
India inherited several institutions, such as the civil services, Reserve Bank of India,
railways, etc., from its British rulers. Mumbai serves as the nation's commercial capital, with
the Reserve Bank of India (RBI), Bombay Stock Exchange (BSE) and the National Stock
Exchange (NSE) located here. The headquarters of many financial institutions are also
located in the city.
The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's
monetary authority, regulator and supervisor of the financial system, manager of exchange
control and as an issuer of currency. The RBI is governed by a central board, headed by a
governor who is appointed by the Central government of India.
The BSE Sensex or the BSE Sensitive Index is a value-weighted index composed of 30
companies with April 1979 as the base year (100). These companies have the largest and
most actively traded stocks and are representative of various sectors, on the Exchange. They
account for around one-fifth of the market capitalisation of the BSE. The Sensex is generally
regarded as the most popular and precise barometer of the Indian stock markets.
Incorporated in 1992, the National Stock Exchange is one of the largest and
most advanced stock markets in India. The NSE is the world's third largest stock exchange
in terms of transactions. There are a total of 23 stock exchanges in India, but the BSE and
NSE comprise 83% of the volumes. The Securities and Exchange Board of India (SEBI),
established in 1992, regulates the stock markets and other securities markets of the country.
Industry
Per capita GDP (at PPP) of South Asian economies versus those of South Korea, as a
percentage of the US India is fourteenth in the world in factory output. They together
account for 27.6% of the GDP and employ 17% of the total workforce. However, about one-
third of the industrial labour force is engaged in simple household manufacturing only.
Economic reforms brought foreign competition, led to privatisation of certain
public sector industries, opened up sectors hitherto reserved for the public sector and led to
an expansion in the production of fast-moving consumer good Post-liberalisation, the Indian
private sector, which was usually run by oligopolies of old family firms and required
political connections to prosper was faced with foreign competition, including the threat of
cheaper Chinese imports. It has since handled the change by squeezing costs, revamping
management, focusing on designing new products and relying on low labour costs and
technology.
34 Indian companies have been listed in the Forbes Global 2000 ranking for 2007.] The 10
leading companies are
World rank Profits AssetsMarket

(billion (billionValue (billion)
Industry Revenue
Company
(billion
Natural Oil & Gas
Oil and Gas Cor 15.64 3.46 26.98 38.19
239 poration Operations
Reliance
258 Industrie Oil & Gas
s Operations 18.05 2.11 21.75 42.62
State B
326 India ank of
Banking 13.66 1.24 156.37 12.35
Indian
399 Corporation
Oil Oil & Gas 1.11 22.68 10.92
Operations 34.22
494 NTPC Utilities 6.06 1.31 17.25 26.06
536 ICICI Bank Banking 5.79 0.54 62.13 16.72
800 Steel Authority of Materials 6.30 0.91 7.06 10.16
India Limited
Tata Consultancy Software &
1047 2.98 0.67 1.93 26.27
Svcs Services
1128 Tata Steel Materials 4.54 0.84 4.61 5.80
Infosys &
Software 2.14 0.55 2.09 26.19
1130 Technologies Services
Services
India is fifteenth in services output. It provides employment to 23% of work force, and it is
growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest
share in the GDP, accounting for 53.8% in 2005 up from 15% in 1950.Business services
(information technology, information technology enabled services, business process
outsourcing) are among the fastest growing sectors contributing to one third of the total
output of services in 2000. The growth in the IT sector is attributed to increased
specialisation, availability of a large pool of low cost, but highly skilled, educated and fluent
English-speaking workers (a legacy of British Colonialism) on the supply side and on the
demand side, increased demand from foreign consumers interested in India's
service exports or those looking to outsource their operations. India's IT industry, despite
contributing significantly to its balance of payments, accounted for only about 1% of the
total GDP or 1/50th of the total services.
Banking and finance
Structure of the organised banking sector in India. Number of banks are in brackets.
The Indian money market is classified into: the organised sector (comprising private, public
and foreign owned commercial banks and cooperative banks, together known as scheduled
banks); and the unorganised sector (comprising individual or family owned indigenous
bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised
sector and microcredit are still preferred over traditional banks in rural and sub-urban areas,
especially for non-productive purposes, like ceremonies and short duration loans.
Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980,
and made it mandatory for banks to provide 40% of their net credit to priority sectors like
agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks
fulfill their social and developmental goals. Since then, the number of bank branches has
increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch
decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6
times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase
of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or
48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank..
.
External trade and investment
Share of top five investing countries in FDI inflows. (2000–2007)[81]
Inflows
Rank Country Inflows (%)
(Million USD)
1 Mauritius 85,178 44.24%
2 United States 18,040 9.37%
3 United Kingdom 15,363 7.98%
4 Netherlands 11,177 5.81%
5 Singapore 9,742 5.06%
Global trade relations:
Until the liberalisation of 1991, India was largely and intentionally isolated from the world
markets, to protect its fledging
economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export
taxes and quantitative restrictions, while foreign direct investment was restricted by upper-
limit equity participation, restrictions on technology transfer, export obligations
and government approvals; these approvals were needed for nearly 60% of new FDI in the
industrial sector. The restrictions ensured that FDI averaged only around $200M annually
between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid,
commercial borrowing and deposits of non-resident Indians.
India's exports were stagnant for the first 15 years after independence, due to the
predominance of tea, jute and cotton manufactures, demand for which was generally
inelastic. Imports in the same period consisted predominantly of machinery, equipment and
raw materials, due to nascent industrialisation. Since liberalisation, the value of India's
international trade has become more broad-based and has risen to Rs. 63,080,109 crores in
2003–04 from Rs.1,250 crores in 1950–51 India's major trading partners are China, the US,
the UAE, the UK, Japan and the EU. The exports during April 2007 were $12.31 billion up
by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.
India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947
and its successor, the World Trade Organization. While participating actively in its general
council meetings, India has been crucial in voicing the concerns of the developing world.
For instance, India has continued its opposition to the inclusion of such matters as labour
and environment issues and other non-tariff barriers into the WTO policies.
Balance of payments
Since independence, India's balance of payments on its current account has been negative.
Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports
have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in
1990–91. Although India is still a net importer, since 1996–97, its overall balance of
payments (i.e., including the capital account balance), has been positive, largely on account
of increased foreign direct investment and deposits from non-resident Indians; until this
time, the overall balance was only occasionally positive on account of external assistance
and commercial borrowings. As a result, India's foreign currency reserves stood at $285
billion in 2008, which could be used in infrastructural development of the country if used
effectively.
India is a net importer: in 2005, imports were $89.33bn and exports $69.18bn.
India's reliance on external assistance and commercial borrowings has decreased since
1991–92, and since 2002–03, it has gradually been repaying these debts. Declining interest
rates and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.
Foreign Direct Investment in India
As the third-largest economy in the world in PPP terms, India is a preferred destinations for
foreign direct investments (FDI)]; India has strength in information technology and other
significant areas such as auto components, chemicals, apparels, pharmaceuticals and
jewellery. India has always held promise for global investors, but its rigid FDI policies were
a significant hindrance in this regard. However, as a result of a series of ambitious and
positive economic reforms aimed at deregulating the economy and stimulating foreign
investment, India has positioned itself as one of the front-runners of the rapidly growing
Asia Pacific Region. India has a large pool of skilled managerial and technical expertise.
The size of the middle-class population at 300 million exceeds the population of both the US
and the EU, and represents a powerful consumer market.
India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in
ventures. Industrial policy reforms have substantially reduced industrial licensing
requirements, removed restrictions on expansion and facilitated easy access to foreign
technology and foreign direct investment FDI. The upward moving growth curve of the real-
estate sector owes some credit to a booming economy and liberalized FDI regime. In March
2005, the government amended the rules to allow 100 per cent FDI in the construction
business. This automatic route has been permitted in townships, housing, built-up
infrastructure and construction development projects including housing, commercial
premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city-
and regional-level infrastructure.
A number of changes were approved on the FDI policy to remove the caps in most
sectors. Restrictions will be relaxed in sectors as diverse as civil aviation,
constructiondevelopment, industrial parks, petroleum and natural gas, commodity
exchanges, credit-information services and mining. But this still leaves an unfinished agenda
of permitting greater foreign investment in politically sensitive areas such as insurance and
retailing. FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (April-
March), according to the government's Secretariat for Industrial Assistance. This was more
than double the total of US$7.8bn in the previous fiscal year. Between April and September
2007, FDI inflows were US$8.2bn.
The IT Industry
The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a
staggering US $ 5.7 billion (including over $4 billion worth of software exports) in 1999-
2000. No other Indian industry has performed so well against the global competition
.
The annual growth rate of India’s software exports has been consistently over 50
percent since 1991. As per the projections made by the National Association of Software
and Services Companies (NASSCOM) for 2000-2001 (April 1, 2000 - March 31, 2001),
India’s software exports would be around $ 6.3 billion, in addition to $ 2.5 billion in
domestic sale.
The growth story:

80%
70%
60%
50%
40%
30%
20%
10%
0%
93-94 97-98 2000- 2002- 2004- 2006-
01 03 05 07
IT services Exports
The almost three-decade-old Indian IT industry crossed the $25billion
mark. The top tier Indian firms-TCS, Infosys, Wipro , HCL, firmly established themselves
among the leading global players in IT services.
Growing products market:
Software products: the story of Indian software products was that of renewed success. At $
1.7 billion, the top 10 Indian software product companies showed very strong growth.
International products characterize the market, barring a few. The key trend was reduction in
piracy and the acceptance of the value of software.
Geographic break up: top firms
Financial year 2006

73%
3% 3% 21%
north americaeuropeasiaothers
Total sales: Rs.35579 Crore

Financial year 2007
62%
Total sales: Rs.63749

Crore.
This is based on data of

top eight services firms:
5% TCS, Infosys, Wipro,
4%
Satyam, HCL, Tech
29%
Mahindra, Patni
computers.
europe north america asia others
Concern Areas:
The share market clearly believes that there are: India’s big software four- Infosys,
TCS, Wipro, and Satyam has seen values fall by 15 to 20%. The main reasons being
slowdown of U.S. economy and strengthening of the Rupee.This has hit Indian software
exporters hard because most software companies bill most of their clients in dollar terms,
and U.S. accounts for about 60 % of the work that the Indian companies do. Hence the share
prices of these IT companies have seen a sharp fall.
Whats wrong with IT stocks

It has been a year since the dark clouds around the Indian information technology industry
have been squaring in, and storm in the form of a U.S. slowdown appears to be knocking at
the doors. Last fiscal the rupee appreciated nearly by 12%. Due to slowdown many investors
have already reduced their exposure to IT stocks, and valuation of software companies are
close to the lower end of their historical price earning multiples.
Fortunately, the trend emerging from the guidance of global IT companies
support the more optimistic argument that a slowdown, will prompt greater outsourcing and
higher volumes for large software companies.
Profitability puzzle
45
40
35 Infosys
30 TCS
25
20 Wipro
15 satyam
10 HCL
5
0
Q4FY06
Q2FY07
Q3FY07
Q1FY08
Q2FY08
Q3FY08
Q1FY07
Q4FY07
The graph shows the operating profit margin of these top companies in various quarters. It
can be seen fro the graph that the profit margin of these companies has been very volatile
due to causes mentioned above.
What the big guys do?
Issues Remedies
# Rupee appreciation # Hedging risk
#Pressure on volumes #Cross selling of services
# High dependence on BFSI #Strengthening skills in verticals
#Margin pressures #Better utilization, lower attrition
#U.S. slowdown # Geographical diversification
Value picks
Among the Indian IT pack, it is mainly the large cap companies, which can
boast of a diverse global presence and a varied client mix, which could help them weather
any slowdown in demand of IT services. Thus Infosys, TCS, Wipro and Satyam remain the
top picks. After a hefty beating over the past few months, their valuations are down to the
lowest range of the respective historical price earning multiple bands. This means that most
of the bad news surrounding the prospects of these companies have already factored in. the
companies indicate a cautious stance, in their top and bottom line guidance going forward.
indicators of further any loss and which is not yet discounted in the share price, will perhaps
be visible in the next quarter results.
Company Analysis
Wipro Ltd
Wipro started 60 years back as a company manufacturing vegetable oil and today it is
world’s one of the leading technology service provider. Wipro Technologies is a
global services provider delivering technology-driven business solutions that meet the
strategic objectives of clients. Wipro has 40+ ‘Centers of Excellence’ that create solutions
around specific needs of industries. Wipro delivers unmatched business value to customers
through a combination of process excellence, quality frameworks and service delivery
innovation. - 8,000 shares subscribed for by directors, etc. 9,000 shares offered at par to
public in February-March 1946.
Business Units
1) Wipro Technologies – global IT service and products

2) WiproSpectramind - IT enabled services
3) Wipro InfoTech
4) Wipro consumer care and lighting.
Rewards and Recognitions
Wipro has become the second largest company in terms of market capitalization on the
Bombay Stock Exchange.
- The Company for the fourth year has won the top award of STPI for software exports for
the year 1999-2000.
- The Company has been awarded first prize, at national level, for outstanding export
performance during 1999-2000 from the Software Technology Parks of India.
- The Company has bagged the PC Quest's User's Choice Awards, 2000, in Office OC
Segment
- The company has strong software engineering processes & also achieved ISO 9000
certification. Wipro is the first software company to get SEI Level 5 & also implemented
Six Sigma TQM practices to software projects and support functions.
- Chairman Azim Premji, with a net worth of $5.9 billion, has made it to the Forbes list of
ten most powerful billionaires in the world
Wipro in terms of Numbers

the graph shows the number of customer in terms of crores.
The above picture shows the trend in the revenue earned from global IT services and
products. The growth has been manifold .
The above graph shows the growth in operating income in terms of crore.
Performance of Wipro Stock v/s its index in 2005-06.
140
120
100
80 wipro
60 price
S &P
40 CnX
20
0
It can be seen from the graph that in the year 2005-06 the performance of stock was in
accordance with its index. I.e. there was less volatility in share’s performance when
compared.
From the above graph it can be seen that the performance of stock against its index is more
volatile. This is the period where the stocks started loosing their value.
Financial statement analysis of Wipro Ltd.
Balance sheets
(Rs.in million)
Particulars 2003 2004 2005 2006 2007
Share Capital 465.128 465.52 1407.14 2852 2918
Reserve and surplus 32838 34610 47529 63277 93077
Shareholders fund 33303.128. 35075.52 48936.14 66129 95995
Loan funds 6974.77 1006.88 620 758 3856
Capital employed 34000.824 36082.79 49557.40 66887 99851
Fixed assets 65915.10 79472.9 11582 21683 37962
Investments 14407.161 24560.33 28595.11 30812 33249
Net current assets 13002.15 35751.7 93802.9 14392 28640
Total 34000.824 36082.79 49557.40 66887 99851
The table shows the balance sheet of Wipro Ltd. The table
contains the data of 5 years.i.e. From 2003 to 2007.the performance of
these years have been analyzed as follows.
Share capital
3500
3000
2500
2000
1500
1000
500
0
2003 2004 2005 2006 2007
The company had raised funds through IPO for the first time in the year 1946. the total
capital being 1700000,the number of shares being 17000. Company there after has not raised
money through IPO. it has increased the capital either through stock split or through bonus
issue.
The graph shows the trend of share capital .it can be observed from the graph
that in the year 2003 and 2004 the capital has been kept constant later on it has been
increased to 1407, by the issue of bonus issue in the ratio of 2:1 and the face value being
Rs.2. The capital was further increased to Rs. 2852 Mn in the year 2006by the allotment of
equity shares pursuant to exercise of stock options. The same thing continued in the year
wherein the capital was further increased to Rs.2918.
Loan Funds
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2003 2004 2005 2006 2007
It can be noticed from the graph that there has been considerable increase in the loan funds
in the year 2007 compared with 2006. the reason being borrowing from banks, term loans
and also from financial institution have been increased in the year.
Capital employed
120000
100000
80000
60000
40000
20000
0
2003 2004 2005 2006 2007
Considerable increase in the capital employed as the company has expanded its business and
have also acquired some of the companies in last few years. It has therefore increased its
share capital by the way f issuing bonus shares and stock splits and also by making huge
investments.
Investment
35000
30000
25000
20000
15000
10000
5000
0
2003 2004 2005 2006 2007
The graph shows the investment pattern of Wipro Ltd. Investments has been made in plant
and machinery, equipment and in many other fixed assets. Investment has also being made
in to money market instruments, mutual funds and in many other instruments of the stock
market.
Profit and loss account of Wipro Ltd.
Particulars 2003 2004 2005 2006 2007
Net sales 410324 525967 732669 107566 152945

Cost of goods sold 25523 34711 47832 71484 102420
Gross profit 14324 17885 25434 36082 50525
Operating expenses 5873.78 7037.71 8108 12268 17440
PBIT 9635.34 10857.64 17325.91 23814 33085
Interest 29304 3517 5568 35 124
PBT 9606 10821 17570 23780 32961
TAX 1473.71 1673.67 2622.02 3391 3868
PAT 8132.32 9148.80 14948 20388 29093
Dividend 2325.64 6750.02 3517.86 7129 8697
Retained earnings 7869.97 15339 10936 12545 19456
The report shows that there has been considerable increase in the net sales as many
acquisitions took place in the past two to three years. And there has also been increase in
operating profit and the net profit. Dividend has been declared every year. It was in the year
2005 where there has been a decline in the dividend declared and in the next two years there
has been considerable increase in it.
The key ratios
Particulars 2003 2004 2005 2006 2007

Current ratio 2.90 1.19 2.91 1.44 1.67
Debt to equity 0.20 0.28 0.30 038 0.26
ROE 24.41 26.08 30.04 30.08 30.03
Book 143 180 695 463 657
value/share
EPS 36.81 39.56 21.48 14.37 19.92
Bonus 1 1 3.02 2.02 1.02
adjustment
factor
P/E ratio 36.81 39.52 64.80 29.02 20.38
P/B ratio 4.19 5 0.96 1.28 0.92
Retention 0.96 0.167 0.73 0.61 0.66
ratio
Dividend per 4.2 6.4 5 5 5
share
CAGR of sales
1/4
/
(Sales in 2007 sales in 2001) - 1
1/4
(152945/410324.11) -1 = 22%
CAGR of EPS
1/4
/
(EPS in 2007 EPS in 2001) - 1
1/4
(19.22/36.81) -1 = 14.99%
Volatility of ROE = 5.67/27.6 = 20%
Estimation of next year income statement
Particulars 2006 2007 % Increase

Net sales 107566 152945 42%
Cost of goods sold 71484 102420 43%
Operating expenses 12268 17440 42%
Interest 35 124 354%
Tax 3391 3868 14%
Estimated Profit and Loss account for the next year

Particulars 2008
Net sales 217181.9
Cost of goods sold 146460.6
Gross profit 70721.3
Operating expenses 24764.8
PBIT 45956.5
Tax 11489
PAT 34467
Estimated EPS =Amount available to equity shareholders

Number of equity shares outstanding
= 3446700000 = Rs.23.89
144,233,782
Average retention ratio = 0.73+0.61+0.66 = 0.66
3
Average payout ratio = 1-0.66 = 0.34
Required rate of return
Beta= 0.79
Risk free rate=8%
Market return on IT stocks=25%
Market risk premium= 17%
Required rate of return = 0.08+0.79*0.17=0.2143 = 21.43%
Expected Growth rate of Dividend
Average retention ratio in last 3 years * average return on Equity

0.73 + 0.61 +0.66 * 30.04 +30.08 + 30.03
3 3
0.66 * 30.05 =19.83%
P/E ratio as per constant dividend Model
Average payout ratio
Average retention ratio – expected growth rate of dividend
0.34 =21.25
0.2143 - 0.1983
Value
anchor Value anchor gives the expected price of share for next year.
Expected EPS * Expected P/E ratio
23.89 *21.25 = Rs. 507
Infosys Technologies Ltd
1981
- On July 2nd the company was incorporated as Infosys Consultants Private Limited at
Mumbai.
- INFOSYS was promoted by software professionals, Viz Mr. S. Gopalakrishnan, Mr. K.
Dinesh, Nandan M Nilekani, Mr. S.D. Shibulal, Mr. N.R. Narayana Murthy & Mr. N S
Raghavan.
- The company is engaged in software development in the form of services, turnkey projects
and products for the domestic and export market. The software development is targeted
towards the distribution, banking, telecommunication and manufacturing sectors worldwide.
1992
- On April 21st the name changed to Infosys Technologies Private Limited, and the
Registered office was moved to Bangalore.
- On June 2nd the company was converted into a Public Limited Company under the name
Infosys Technologies Ltd. - The company provides software maintenance, re-engineering
and downsizing of software applications in these market segments. It also markets
internationally, two well-known packages, one for the distribution industry (DMAP) and one
for retail banking (Bancs 2000).
- The company has a joint venture in USA with KSA (Kurt Salmon Associates). KSA is a
$40 million management consultancy company operating in ten cities of the USA and also
in eight different countries. The company also has an offshore software development centre
for General Electric USA. Yantra Corporation is an wholly owned subsidiary of the
Company.
1993
- The Company turned up with ISO 9000 certification.

- 19,76,100 No. of equity shares of Rs 10 each issued, subscribed and paid-up (15,84,000
shares to directors, promoters; 2,68,100 shares to employees of the company and 1,24,000
shares at a prem., of Rs 70 per to shareholders on right basis).
- 68,600 shares reserved for allotment in preferential basis to employees of the company and
group company (only 10,3000 shares taken up). Balance 13,07,200 shares along with 58,500
shares not taken up by employees were issued to the public (all were taken up).
.
To part finance the Company's project for setting up a Software Technology Park, Company
made a public issue of 13,76,000 equity shares of Rs. 10 each at a premium of Rs. 85 per
share in February.
1998
- During the year, the issued, subscribed and paid-up capital increased by Rs. 8,75,76,000
consequent to the issue of 7,49,000 shares of Rs. 10 each, fully paid, to employees of the
Company and the Employees Welfare Trust under the ESOP, and a bonus issue of 80,08,600
shares in the ratio of 1:1 to the members, as of the record date. Of the total paid-up capital of
Rs. 16,01,72,000, Rs. 12,92,69,000 (81% of the paid-up capital), has been issued as bonus
shares.
- During the year the company received several AWARDS. 1. For the second year in
succession, the Company received the Silver Shield from the Institute of Chartered
Accountants of India for the Best-Presented-Accounts, amongst the entries received from
non-financial, private sector companies, for the year 1995-96.
- The readers of Asia Money magazine, once again, voted Infosys the best in Strategy and
Management from among the listed companies in India, and among the best in Asia, for the
year 1996-97.
- BANCS 2000 received the CSI-WIPRO award for the Best-Packaged-Application, in
December 1997, at the SEARCC '97 Conference in Delhi.
- A Certificate of Merit, was received from the Ministry of Commerce, Government of
India, for meritorious performance in the field of exports during 1995-96.
2000
- Indian Information Technology giant Infosys Technologies has confirmed its plan of
setting up a centre for exports in Mohali, twin city of Chandigarh.
- During the year a new methodology and toolkit to port applications from OS/2 to
WINDOWS NT was developed.
- The Company it had tied-up with Japan's Toshiba Corporation to provide enterprise
resource planning (ERP) software solutions for Toshiba's business processes.
. - The Company proposes to increase its software professional strength to 2,400 from the
present 1,200.
- The Company has re-emerged as India's second most valuable company, replacing the
FMCG heavyweight, HLL. .
2001
- The Company has been awarded silver shield for the best presented accounts competition
for the sixth consecutive year by the Institute of Chartered Accountants of India.
- The Company has allotted 100 equity shares of par value of 5 per share to the Bankers
Trust Company, New York, the depository to the company's ADS issue as underlying shares
in respect of 200 ADR's to be issued and allocated to the purchasers.
- Infosys Technologies board has allocated 67,050 No. of equity shares at a par value of Rs 5
par to employees of the company.
2002
- Receives Motilal Oswal Award for Wealth Creation for 1996-2001
- Mr. Nandan Nilekani becomes the new CEO of the company. Mr. Narayanamurthy
assumes the role of Chairman & Chief Mentor
- Adjudged best Indian employer in a study conducted by Hewitt Associates and Business
Today
- Infosys Tech bags prestigious Corporate University Exchange Excellence Award for 2002
- NASDAQ selects Infosys as the best value
reporter Operations
- RBI permits 100% FII purchase in Infosys
- N R Narayana Murthy receives the Ernst & Young Entrepreneur of the Year award for
2002
- Company declares that it has won Most Admired Knowledge Enterprises (MAKE) award
in the Asia region for 2002
- Implements `Balanced Score Card' (BSC), a unique concept that entails establishment of
strategic objectives and a measurement system, which not only targets on financial measures
but also non-financial measures
2004
-Infosys greets Karnataka Bank for deploying Finacle
-Nandan Nilekani ranks 35th in the world business leaders
-Infosys gets ICAI award for the year '03
-Infosys completes five yrs on NASDAQ
-Infosys Chief Narayana Murthy joins NDTV Board
-Comes out with a bonus issue in the ratio of 3:1

Infosys Share prices v/s its indices for the year 2005-06
4000
3500
3000
2500
indices
From the graph
2000 it can be seen
1500 infosys
that the prices
1000
500
of shares are
0 less volatile
when compared
may
july
nov
jun
aug
jan
feb
mar
sep
oct
Apr
dec
with its index.
For 2006-07
5000
4000
3000 indices
2000 infosys
1000
0
Apr May jun jul Aug Sep Oct Nov Dec Jan Feb Mar
From the above graph it can be seen that prices of shares are more volatile. We can notice
that the share prices have decreased over a period.
The above-mentioned charts are income, exports, PAT of the company. The values have
increased over a period of time.
Financial Statements of Infosys Ltd
Balance sheet
(Rs.in crores)
Particulars 2003 2004 2005 2006 2007
Share Capital 33.12 33.22 135.29 138 286
Reserve and surplus 1954.75 2387.09 4110.18 5507 9714
Shareholders fund 1987.87 2420.31 4245.47 5645 10000
Loan funds 872.78 833.12 996.26 1252 1162
Capital employed 2860.65 3253.43 5241.73 6897 11162
Fixed assets 772.72 970.30 1494.42 2133 3107
Investments 33.20 1027.38 1328.70 876 839
Net current assets 2054.73 1255.75 2418.61 3888 7216
Total 2860.65 3253.43 5241.73 6897 11162
The Balance sheets are analyzed below

Share capital
350
300
250
The share capital of
200
Infosys shows an
increasing trend. In
150
the year of inception
100
the share capital was
50 raised through the
0 public offer. Later it
2003 2004 2005 2006 2007 was increased year to
year by the issue of
bonus issue in the
ratio of 1:1.
Reserves and surplus
12000
10000
8000
6000
4000
2000
0
2003 2004 2005 2006 2007
The Reserves and Surplus of the company have increased over a period of time. The
increase in Reserves and Surplus is due to increase in Profits of the company through which
substantial amount has been contributed to Reserves and Surpluses.
Investments
1400
1200
1000
800
600
400
200
0
2003 2004 2005 2006 2007
The investment has increased to a greater level from mere 23 crore in 2003 to Rs.1200
crore in 2005 and later it was again saw a decrease of 400 crores. The company has
significantly invested in different types of securities, which yield better returns.
Net Current Assets
8000
7000
6000
5000
4000
3000
2000
1000
0
2003 2004 2005 2006 2007
Infosys has always enjoyed better liquidity position. It has got better position compared to
their competitors Wipro, Infosys. It’s has increased its liquidity position with increase in its
obligation.
Profit and Loss Account of Infosys for 5 years
Particulars 2003 2004 2005 2006 2007
Net sales 3622.69 4760.89 6859.66 9028 13149

Cost of goods sold 1813.30 2495.31 3654.93 4887 7278
Gross profit 1809.39 2265.58 3204.73 4141 5871
Operating expenses 537.25 681.93 879.62 1152 1646
PBIT 1272.04 1583.65 2325.11 2989 4225
Interest 188 230 268.22 409 469
PBT 1158.9 1470.47 2056.89 2580 3756
TAX 201 227 325 303 352
PAT 953 1243 1904 2421 3783
Dividend 178.81 862 309.80 1238 649
Retained earnings 766.82 200 190 242 378
operating profit and the net profit. Dividend has been declared every year. It was in the year
2005 where there has been a decline in the dividend declared and in the next two years there
has been considerable increase in it.
The key ratios of Infosys Technology Ltd
Particulars 2003 2004 2005 2006 2007

Current ratio 2.90 1.19 2.91 1.44 1.67
Debt to equity --- --- --- --- ---
ROE 0.47 0.51 0.44 0.42 0.37
Book 53 61 97 125 195
value/share
EPS 18 23 34 44 67
Bonus 1 1 4 1.02 2.07
adjustment
factor
P/E ratio 28.33 26.72 32.37 33.53 29.48
P/B ratio 25 23 24 10
Retention 0.8 0.66 0.88 0.79 0.62
ratio
Dividend per 5 6.6 9.50 10.5 11.50
share
CAGR of sales
1/4
/
(Sales in 2007 sales in 2001) -1
1/4
(13195/3622) -1 = 38%
CAGR of EPS
1/4
/
(EPS in 2007 EPS in 2001) -1
1/4
(18/67) -1 = 38.7%
Volatility of ROE = 37%
Particulars 2006 2007 % Increase/

Net sales 9028 13149 45%
Cost of goods sold 4887 7289 49%
Operating expenses 1152 1646 42%
Interest 409 469 14%
Tax 303 352 16%

Particulars 2008
Net sales 19066.05
Operating expenses 2337.32
PBIT 5871.1
Tax 1334
PAT 4002.44

= 4002.44 crore = Rs.71.87

556852339

3
Beta= 0.68
Risk free rate=8%
Required rate of return = 0.08+0.68*0.17=0.195 =19.5%

0.73 + 0.61 +0.66 * 34.04 +33.08 + 33.03
3 3
0.5 * 34.9 =17.5%
Average retention ratio – expected growth rate of
dividend 0.5 =33.33

0.195 - 0.175
Value anchor
Value anchor gives the expected price of share for next year.
71.70 *33.33 = Rs. 2340
TCS Ltd.
Tata Consultancy Services is one of leading software providers in the

world. It has got 38 years of experience in the field of IT servies, Business solutions, and
outsourcing activities. It has got authorized share capital of 1,200,000,000 of Rs.1 each and
has got issued capital of 978,610,498 shares.
The management Team includes

Ratan Tata Chairman
Ron sommer Independent Director
A mehta Independent Director

S. Ramaodorai CEO and M.D
Laura Cha Independent Director
Strategic Alliances and Acquisitions
Strategic Acquisitions
1) TkS-Teknosoft S.A, Switzerland
2) TCS Management Pty Ltd, Austrailia
Strategic Alliances
1) Tata Consultancy Services (China) Co.Ltd
2) MP online Ltd
Human Resource Development
It has got 85000 employees from 67 nationalities. TCS continues to be recognized for its
good human resources practices. In the 2006 it has own Data Quest Best Employer award
for the third consecutive time. It is marked by the lowest attrition rate of 11.3%.
Awards and Recognition

During the year 2006-07 company received various awards and recognitions, significant
among which are the following
a) Company of the year-2006 from the Economic Times.
b) Dataquest best Employer-2006
c) Most Admired Knowledge Enterprise (MARK)
d) CII –EXIM Bank Award for Business Excellence 2006
e) Most Distinguished Achievement Award in Information Management from IBM.
TCS in Numbers
The above chart shows the key markets in world wide IT spends. It can be seen that the
major customer for IT services is America, which receives about 51% followed by Western
Europe and the least being Middle East, and Africa.
4000
3500 The above shows the PAT of TCS. A

considerable increase can be noticed.
3000
2500 The performance of Shares v/s its

2000
Indices
1500
For the year 2006
1000
500
0
2004 2005 2006 2007
4000
3500
3000
2500
Indices
2000
TCS
1500
1000
500
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
from the above graph it can be seen that share prices have underperformed compared to its
indices but volatility is less.
For the year 2007
4500
4000
3500
3000
2500 Indices
2000 TCS
1500
1000
500
0
May
jul
Dec
Oct
Apr
Jun
Aug
Sep
Feb
Mar
Nov
In this graph it can be noticed that value of share prices have been volatile and the value has
also seen a decline.
Financial Statement Analysis of TCS Ltd
Balance sheets
(Rs.in crores)
Particulars 2003 2004 2005 2006 2007
Share Capital 36.44 36.44 48.01 48.93 97.86
Reserve and surplus 1244.76 1064 3273.04 5560.43 7961.13
Shareholders fund 1856.9 2100.44 3321.05 5609.36 8058.99
Loan funds 90.12 127.35 185 100.09 111.35
Capital employed 3228.22 3328.23 3506.11 5709.52 8170.34

Fixed assets 831.50 985.55 1028.44 1449.8 2218.46
Investments 414 1285.22 1404.42 1963.52 3252.04
Net current assets 1982.72 1057.46 1073.25 2296.22 2699.84
Total 3228.22 3328.23 3506.11 5709.52 8170.34
Share Capital
120
100
80
60
40
20
0
2003 2004 2005 2006 2007
The company has got an authorized capital of 1200,000,000 of equity shares out of which it
has issued 910,678,410 shares of Rs.1 each in the year 2007, but it was 36 crore in 2003 and
it was not increased to a greater extent till 2007. The strategic acquisitions and alliances in
the year 2007 have lead to this increase in share capital.
Reserves and Surplus
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2003 2004 2005 2006 2007
The reserves and surplus have gradually increased over the period of time. Reason being
increase in the profit earned by the company. It can be seen that the profit after tax of the
company have increased manifold since 2004 hence the contribution to reserves and surplus
have also increased.
Investments
3500
3000
2500
2000
1500
1000
500
0
2003 2004 2005 2006 2007
The investments are showing an impressive growth. The reason for increase in investment is
the strategic tie up with many countries across the world. It has invested in newer
technologies and Wireless Application Protocol (WAP) as a strategic area of focus. Towards
this the company has signed a memorandum of understanding with Jataayu Software (P)
Ltd. It has also invested heavily in Research and development area. The investment has been
around 200 crore.
Net Current Assets
3000
2500
2000
1500
1000
500
0
2003 2004 2005 2006 2007
The liquidity position of the company has been volatile. Company also faced a problem of
liquidity in the year of 2004.It can be seen from the graph that the liquidity position had
droped in the year 2004 and 2005 and gradually increased in the year 2006-07.
Profit and Loss Account of 5 years of TCS Ltd
(Rs. In Crores)
Particulars 2003 2004 2005 2006 2007
Net sales 4914 5517.88 8102.58 11293.76 15156.52

Cost of goods sold 2012.70 3058 5548.3 7957.54 10639
Gross profit 2902 2459.88 2554.2 3074.35 4517.52
Operating expenses 253.33 453.3 526.3 257.38 343.41
PBIT 2648.67 2006.58 2027.89 2816.97 4174.11
Interest 6.68 7.89 10.40 4.49 3.43
PBT 2641.99 1998.69 2017.50 2812.48 4170.68

TAX 201 220 241.00 322.41 406
PAT 2440.9 1778.69 1776.50 2490 3790
Dividend 178.81 230.02 240.06 220.9 391.44
Retained earnings 1008 1064 1205.47 3105.3 5294
operating profit and the net profit. Dividend has been declared every year. There has been
considerable increase in the dividend declared.
The key ratios of TCS Ltd
Particulars 2003 2004 2005 2006 2007

Current ratio 3.14 0.05 1.77 2.25 1.99
Debt to equity 0.01 0.01 0.03 7.97 0.53
ROE 36.52 40.05 42 44 47
Book 10.50 12.92 69.17 114.64 82.35
value/share
EPS 3.72 4.17 38.15 42.52 38.39
Bonus 1 1 1.31 1.01 2
adjustment
factor
P/E ratio -- 26 32 36 38
P/B ratio --- 20 18 10 15
Retention 0.62 0.63 0.73 0.61 0.66
ratio
Dividend per 1.00 1.20 11.50 13.50 11.50
share
CAGR of sales
1/4
/
(Sales in 2007 sales in 2001) - 1
1/4
(15156.52/4914) -1 = 32%
CAGR of EPS
1/4
/
(EPS in 2007 EPS in 2001) -1
1/4
(38.89/3.87) -1 = 38.7%
Volatility of ROE = 45%
Particulars 2006 2007 % Increase/

Net sales 11293.76 15156.52 34%
Cost of goods sold 7957.54 10639 33%
Operating expenses 257.38 343.41 33%
Interest 4.49 3.49 22%
Tax 322.41 406 16%

Particulars 2008
Net sales 20309.73
Operating expenses 230
PBIT 6029.86
Tax 2109
PAT 3918

= 3918,00,00,000 = Rs. 40.04
97,86,10,498

3
Beta= 0.91
Risk free rate=8%
Required rate of return = 0.08+0.91*0.17=0.2347 =23.47%

0.73 + 0.61 +0.66 * 34.04 +33.08 + 33.03
3 3
0.53 * 42 =22.26%

Average retention ratio – expected growth rate of dividend
0.47 =38.84
0.2347 - 0.2226
Value anchor
Value anchor gives the expected price of share for next year.
41.40 *38.84 = Rs. 1607.97
Equity Valuation Models
Equity valuation Models used for the study are as follows

1) Dividend Discount Model
2) Generalized Dividend Discount Model
3) Multi-period Model.
Dividend Discount Model

This model is used to calculate the expected price of share for the next year. The formula
used for calculation is as follows.
Po = D1 + P1
(1+r) (1+r)
Where
Po = current Market Price
D1= Dividend per share in current year
R= expected rate of return on equity
The model is very useful in determining the market price of the share for the next year. The
model is simple and easy to calculate as the data used are easily available and it is realistic
as no assumptions are being made. The model can be applied to any company to know the
expected future price of share.
Multi-Period Model
This is a higher version of Dividend Discount Model. The Dividend Discount

Model was used in determining the future price of share for the very next year but this can
be applied to know the price of share for N number of years. The formula is
Po = Dn + Pn
(1+r) n (1+r) n
The applicability of the model is similar to Dividend Discount Model.
Two Stage Growth Model
This model is used to determine the intrinsic value of shares. It is useful in knowing the
future intrinsic value for the shares. There are certain assumptions of this theory. They are as
follows
1) It assumes that the company is enjoying normal growth rate.
2) The growth rate will fall substantially in the future.
3) The dividends move in the line with growth rate.
The formula is as follows
Pn =Dn = Dn (1+Gn)
[ r- Gn ] [ r- Gn]
Where
Pn = intrinsic value of share in future

Dn= Dividend per share
Gn= Growth rate
This particular model is applicable to those companies where the growth rate is normal
in present years but is going to decline over the period of time. It can applied to companies
where they are working under copy write system once the period of copy write is over there
will be Sharpe decline in growth rate. This particular is used in this study a this model is also
applicable to those companies which have got high entry barriers. Since it is difficult to
make an entry in to IT sector this particular model has been applied.
Equity Valuation of Wipro Ltd

Po = D1 + P1
1+r 1+r
502= 5 + P1
(1+0.216) (1+0.216)
502 = 5 + P1
( 1.216) (1.216)
502 = 4.11 + P1
1.216
P1 = Rs.605
Multi period Discount Model
P0 = D + Pn
(1+r) 2 (1+r)2
502= 5 + P2
(1+0.216) (1+0.216)
2 2
502 = 4.46 + Pn
1.47
P2=Rs. 731.3
P5 = D + P5
(1+r) (1+r)
502= 5 + P5
(1+0.216) 5 ( 1+0.216) 5
502 = 1.88 + P5
2.65
P5= Rs.1325
Two Stage growth Model
G1= 22%, G2= 20%, G3=18%, r=21%, n=8
D1 = 5(1.22) = 6.1
D2= 5(1.22) 2 = 7.4
D3= 5(1.22) 3 = 9.07
D4= 5(1.22) 4 = 11.07
D5 = 5(1.22) 5 = 13.5
D6 = 5(1.22) 4 (1.20) = 16.21
D7 = 5(1.22) 4 (1.2) 2 = 19.4
D8= 5(1.22) 4(1.20 ) 3 = 23.32
6.1(PVIF 21%,1) +7.4(PVIF 21%,2) +9.07 (PVIF 21%,3) +11.07 (PVIF 21%,4)
+13.5 (PVIF 21%,5) +16.21(PVIF 21%,6) +19.4(PVIF 21%,7) +23.32 (PVIF 21%,8)
5.04+5.06+5.12+5.17+5.01+5.17+5.11+6.29 = 41.97
P8 =D8 = D8 (1+Gn)
[ r- Gn] [r- Gn]
= 5*(1.22)*(1.20) (1.18)
[ 0.21 – 0.18]
= 875.25
Present value = 875 190.63
(1.21)
intrinsic value = Rs.1065
Equity Valuation of Infosys Ltd

Po = D1 + P1
1+r 1+r
2006=11.25 + P1
1+0.195 1+0.195
2006 = 11.25 + P1
1.195 1.195
2006 = 9.41 + P1
1.195
P1 = 2385
Multi Period Model
P0 = D + Pn
2
(1+r) (1+r)
2
2006 = 11.25 + P2
(1+0.195) (1+0.195)
2 2
2006 = 7.9 + Pn
1.42
P2= 2843.5
P5 = D + P5
5
(1+r) (1+r)
5
2006= 11.25 + P2
(1+0.195) 5 ( 1+0.195) 5
2006 = 4.62 + P5
2.43
P5= Rs.4863.36
Two Stage Model
G1= 38%, G2= 37%, G3=35%, r=19.5%, n=8
D1 = 11.5(1.38) = 15.87
D2= 11.5(1.38) 2 = 21.90
D3= 5(1.38) 3 = 30.22
D4= 11.5(1.38) 4 = 41.70
D5 = 11.5(1.38) 5 (1.37) = 57.12
D6 = 11.5(1.38) 4 (1.37) = 78.02
D7 = 11.5(1.38) 4 (1.37) 2 = 107.2
D8=11. 5(1.38) 4(1.37) 3 = 146.89

15.87(PVIF 19.5%,1) +21.9(PVIF 19.5%,2) +30.22 (PVIF 19.5%,3) +41.70 (PVIF
19.5%,4) +57.12 (PVIF 19.5%,5) +78.02(PVIF 19.5%,6) +107.22(PVIF 19.5%,7)
+146.89 (PVIF 19.5%,8)
13.28+15.33+17.71+20.54+23.50+35.62+30.08+35.39 = 191.25
P8 =D8 = D8 (1+Gn)
[ r- Gn ] [ r- Gn]
=11. 5*(1.38)*(1.37) (1.35)
[ .195-.35]
= 195.25
Present value = 195.25 = 1262
(1.195) 8
Intrinsic value = 1262+191= Rs. 1453

Equity Valuation of TCS Ltd
Po = D1 + P1
1+r 1+r
123= 11.5 + P1
( 1+0.2347) (1+0.2347)
1231 = 11.5 + P1
1.2347 1.2347
1231 = 9.31 + P1
1.2347
P1 = Rs.1508.5
Multi Period Discount Model
P0 = D + Pn
(1+r) (1+r)
1231 = 11.25 + P2
(1+0.2347) 2 (1+2347) 2
1231 = 7.56 + Pn
1.52
P2= Rs.1859.62
P5 = D + P5
(1+r) (1+r)
1231= 11.5 + P2
5
(1+0.2347) ( 1+0.2347) 5
1231 = 4.02 + P5
2.86
P5= Rs.3540.8
Two Stage Growth Model
G1= 32%, G2= 30%, G3=31%, r=22%, n=8
D1 = 11.5(1.32) = 15.18
D2= 11.5(1.32) 2 = 20.03
D3= 11.5(1.32) 3 = 26.44
D4= 11.5(1.32) 4 = 41.70
D5 = 11.5(1.32) 4 (1.30) = 54.13
D6 = 11.5(1.32) 4 (1.30) 2 = 70.42
D7 = 11.5(1.32) 4 (1.30) 3 = 91.61
D8=11. 5(1.32) 4(1.30) 4 = 119.09

15.87(PVIF 22%,1) +20.03(PVIF 22%,2) +26.44 (PVIF 22%,3) +41.7 (PVIF 22%,4) +54.13
(PVIF 22%,5) +70.42(PVIF 22%,6) +91.61(PVIF 22%,7) +119.09 (PVIF 22%,8)
13+13.53+14.60+18.86+20.04+21.40+24.30 = 125.73
P8 =D8 = D8 (1+Gn)
r- Gn] [ r- Gn]
=11. 5*(1.32)*(1.30) (1.31)
[ .22-.31]
= 1450
Present value = 1450 = 295
(1.22) 8
Intrinsic value = 1450+295= Rs.1745
Findings
1) The Indian economy is growing very fast. It’s contribution to the world’s GDP is
around 7.7%. Next only to China and U.S. This revels the fact that it will have positive
impact on all the industries of the country.
2) The growth of IT Industry has been commendable in the recent past. It has been the
fastest growing industry but the stocks performance revels a different story. The last 16
months performance has been very disappointing. The main reasons being stock market’s
high volatility, Rupee appreciation and U.S. slowdown. In such case it can adopt the
following remedies.
3) The fundamental analysis of the companies revels the following

a) The companies are fundamentally very strong. There has been full utilization of
the resources, except for TCS very there was a lack of liquidity in the year
2004
b) The earnings of the companies have been very good.
c) When a comparison is made between the three companies, Infosys stands
fundamentally very strong. it has outperformed in all the aspects be it, the
ROE, EPS, book value and even in terms of liquidity. The company having no
Debt in its capital structure has been earning revenues higher than the revenues
earned by Wipro and TCS.
d) The next company better in terms of fundamentals is TCS. It has performed
better than Wipro in all the aspects of fundamentals.
4) The stock market performance also depicts the same picture. It is Infosys, which is in
the lead followed by TCS and Wipro.
5) The most risky stocks among the three has been TCS share prices having a Beta
value of 0.91 followed by Wipro which has got beta value of 0.79 and less riskier
being Infosys and its value is 0.68.
The findings from the Equity has reveled the following
Model Wipro TCS Infosys

Discount Model Rs.605 Rs.1508 Rs.2385
Multi period Rs.731 Rs.1859 Rs.2843
Model
Two stage Rs.1325 Rs.1745 Rs.1453
growth Model
The above table shows the expected future equity price of respective shares. It can be
observed from the above table that
1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in
case of Wipro. It means that stock will perform better in future compared to its present
value.
2) The generalized Model, which speaks about future, expected price in forthcoming years is
valued at Rs.694. Which is again higher than its previous value of Rs.572.
3) The Multi period model, which indicates the intrinsic value of share in future, is about
Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a
lesser intrinsic value compared to market price indicates that the stock has got great
potential to perform in future and investment in such stock would be profitable.
4) The same can be noticed in case of TCS and Infosys. There market prices going to
Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is
also lesser compared to their market price, indicating better performance in future.
5) A comparison between these stocks reveals that, Infosys shares will perform better
compared to TCS and Infosys. The reason is that the company is fundamentally very strong.
RECOMMENDATIONS
1) In spite of fall in the value of share prices in the recent past, I would definitely
recommend the investors to invest in these companies. Reason being the companies
is financially very strong.
2) The current volatility in the market is due to Rupee appreciation, and

U.S.slowdown but the companies have taken several measures to see that these two
problems. They have diversified their business and also they have hedged against the
rupee appreciation. So investment in these stocks would not lead to loss.
3) The recommendation would be to invest for a longer period of time. At least for 5
years as they would yield better returns.
4) As the intrinsic value of all the three stocks are lesser compared to their market
price so the suggestion would be hold the stocks if they have bought or buy the
shares as they will definitely give good returns in the future.
5) If a choice has to be made among the three then it would be better to choose
Infosys as the option as it is fundamentally very strong company and it has got higher
value in market currently and it will also give better returns in the future compared to
other two stocks.
6) It is advisable for the investor to go through the fundamental of the companies

before investing and avoid investing based on the market sentiments, as they
would be misleading. Investing in a fundamentally strong company for longer
period of time would be a worthy decision.
7) A better Strategy for any investor would be to invest in these companies and not to
trade or speculate because share market is not a casino. And don’t panic if the values
of shares are coming down, as it is only temporary.
BIBILOGRAPHY
Prasanna Chandra, “Equity Valuation: A bearing on shareholders”, Investment

Analysis and portfolio Management”.
Punithavathy Pandian, “ Fundamental Analysis”, “Security Analysis and

Portfolio Management”.
Jansen & Fischer, “ Indian Stock Market”, “ Security and Portfolio

Management.
Fortune India, “IT stocks Paradise Lost”, Dec 31 2007
Capital Market, “ Testing times”, Jan 2008.
Web sites
www.tcs.com
www.infosys.com
www.wipro.com
www.moneyconrol.com
www.icicidirect.com
www.investopedia.com
ANNXEURE
Formulas of Ratios used
1) Current ratio = Current Assets

Current Liabilities
2) Debt Equity Ratio = Total Debt

Net worth
3) Return on Equity = = Profit After Tax

Net worth
4) Book Value per share = Shareholder’s fund

price per share
5) Earning Per Share = Amount available to equity shareholders
Number of Equity Share outstanding
6) Bonus Adjustment Factor = Capital before Bonus issue
Capital After Bonus issue
7) Price Earning Ratio = Market Price of share
Earning price per share
8) P/B ratio = market price per share
Book value per shares
Growth rate for Two stage Model has been calculated using the following formula. It is
calculated on the basis of market price of shares. Market prices of last 5 years have been
used to know the growth and same has been applied in the calculation. The formula is
Po= D
r-g
where D is dividend
r- return on equity
g- is the growth rate
Po is the market price
Beta Calculation
Close return
Date Close return(x) Close(infy) return(y) x*x x*y Price (wit) x*y clo(tcs) Return Return(Y)
1-Apr-03 984.3 0 4059 0 0 0 1231.2 0 0NA NA NA
2-Apr-03 999.4 1.5341 4133 1.82701 2.353 2.803 1277.3 3.7403 5.7379NA NA NA
3-Apr-03 1009.2 0.9756 4295 3.92359 0.952 3.828 1273.7 -0.278 -0.2712NA NA NA
4-Apr-03 1017 0.7729 4295 0.00815 0.597 0.006 1293.4 1.5427 1.1924NA NA NA
7-Apr-03 1031.5 1.4307 4383 2.04181 2.047 2.921 1293.6 0.0193 0.0277NA NA NA
8-Apr-03 1018.1 -1.299 4233 -3.4315 1.688 4.458 1253.5 -3.1 4.027NA NA NA
9-Apr-03 1004.9 -1.301 4152 -1.9031 1.694 2.477 1231.3 -1.775 2.3101NA NA NA
10-Apr-03 962.2 -4.244 3050 -26.547 18.02 112.7 1007.4 -18.18 77.184NA NA NA
11-Apr-03 949.8 -1.289 2653 -12.998 1.661 16.75 935.2 -7.162 9.2302NA NA NA
15-Apr-03 951.2 0.1474 2860 7.77696 0.022 1.146 980.85 4.8813 0.7195NA NA NA
16-Apr-03 958.65 0.7832 3025 5.76284 0.613 4.514 957.1 -2.421 -1.8965NA NA NA
17-Apr-03 940.7 -1.872 2963 -2.0202 3.506 3.783 880.85 -7.967 14.917NA NA NA
21-Apr-03 947.2 0.691 2933 -1.0393 0.477 -0.72 911.7 3.5023 2.42NA NA NA
22-Apr-03 943.5 -0.391 2920 -0.4399 0.153 0.172 901.65 -1.102 0.4306NA NA NA
23-Apr-03 934.2 -0.986 2883 -1.257 0.972 1.239 914.25 1.3974 -1.3774NA NA NA
24-Apr-03 929.7 -0.482 2898 0.51509 0.232 -0.25 913.15 -0.12 0.058NA NA NA
25-Apr-03 924.3 -0.581 2910 0.41583 0.337 -0.24 886.4 -2.929 1.7015NA NA NA
28-Apr-03 929.5 0.5626 2893 -0.5859 0.317 -0.33 882.3 -0.463 -0.2602NA NA NA
29-Apr-03 932.3 0.3012 2867 -0.8815 0.091 -0.27 868.8 -1.53 -0.4609NA NA NA
30-Apr-03 934.05 0.1877 2787 -2.8162 0.035 -0.53 866.7 -0.242 -0.0454NA NA NA
2-May-03 938.3 0.455 2914 4.57906 0.207 2.084 868.5 0.2077 0.0945NA NA NA
5-May-03 945.4 0.7567 2946 1.10493 0.573 0.836 884.55 1.848 1.3984NA NA NA
6-May-03 951.85 0.6823 2982 1.20147 0.465 0.82 912.9 3.205 2.1866NA NA NA
7-May-03 950.15 -0.179 3024 1.39848 0.032 -0.25 919.85 0.7613 -0.136NA NA NA
8-May-03 941.55 -0.905 2976 -1.5776 0.819 1.428 903.35 -1.794 1.6236NA NA NA
9-May-03 937.85 -0.393 2926 -1.6668 0.154 0.655 890.05 -1.472 0.5786NA NA NA
12-May-03 936 -0.197 2782 -4.9176 0.039 0.97 876.8 -1.489 0.2937NA NA NA
13-May-03 944.2 0.8761 2875 3.3174 0.767 2.906 901.6 2.8285 2.4779NA NA NA
14-May-03 952.15 0.842 2865 -0.32 0.709 -0.27 902.5 0.0998 0.084NA NA NA
15-May-03 959.85 0.8087 2884 0.63516 0.654 0.514 905.05 0.2825 0.2285NA NA NA
16-May-03 973.1 1.3804 2994 3.83028 1.906 5.287 941.45 4.0219 5.5519NA NA NA
19-May-03 966.55 -0.673 2791 -6.7901 0.453 4.57 903 -4.084 2.7491NA NA NA
20-May-03 971.55 0.5173 2854 2.25567 0.268 1.167 905.55 0.2824 0.1461NA NA NA
21-May-03 968 -0.365 2788 -2.2918 0.134 0.837 859.45 -5.091 1.8602NA NA NA
22-May-03 963.25 -0.491 2691 -3.5003 0.241 1.718 826 -3.892 1.9098NA NA NA
23-May-03 967.9 0.4827 2612 -2.9249 0.233 -1.41 823.05 -0.357 -0.1724NA NA NA
26-May-03 982.45 1.5033 2633 0.79824 2.26 1.2 811.05 -1.458 -2.1917NA NA NA
27-May-03 976.85 -0.57 2613 -0.7729 0.325 0.441 807.5 -0.438 0.2495NA NA NA
28-May-03 990.8 1.4281 2746 5.1177 2.039 7.308 839.8 4 5.7122NA NA NA
29-May-03 1002.6 1.191 2770 0.85209 1.418 1.015 824.85 -1.78 -2.1201NA NA NA
30-May-03 1006.8 0.4189 2674 -3.4445 0.175 -1.44 806.15 -2.267 -0.9497NA NA NA
2-Jun-03 1015.2 0.8294 2811 5.10994 0.688 4.238 820.55 1.7863 1.4815NA NA NA
3-Jun-03 1010.7 -0.443 2726 -3.0293 0.197 1.343 827.5 0.847 -0.3755NA NA NA
4-Jun-03 1021.1 1.029 2764 1.40331 1.059 1.444 834.25 0.8157 0.8394NA NA NA
5-Jun-03 1035.1 1.3711 2860 3.46786 1.88 4.755 862.6 3.3983 4.6595NA NA NA
6-Jun-03 1046.4 1.0966 2949 3.11735 1.202 3.418 870.8 0.9506 1.0424NA NA NA
9-Jun-03 1052.1 0.5447 2969 0.66464 0.297 0.362 849.2 -2.48 -1.3512NA NA NA
10-Jun-03 1037.8 -1.359 2875 -3.148 1.847 4.279 830.1 -2.249 3.057NA NA NA
11-Jun-03 1044.1 0.6071 2939 2.21731 0.369 1.346 831.35 0.1506 0.0914NA NA NA
12-Jun-03 1051.3 0.6896 2970 1.05654 0.476 0.729 839.6 0.9924 0.6843NA NA NA
13-Jun-03 1056.2 0.4661 2971 0.04209 0.217 0.02 849.7 1.203 0.5607NA NA NA
16-Jun-03 1051.8 -0.417 2917 -1.8208 0.174 0.759 852.75 0.359 -0.1495NA NA NA
17-Jun-03 1082 2.8665 3093 6.01807 8.217 17.25 897.55 5.2536 15.059NA NA NA
18-Jun-03 1086.8 0.4436 3064 -0.9345 0.197 -0.41 924.75 3.0305 1.3444NA NA NA
19-Jun-03 1092.6 0.5337 3043 -0.6691 0.285 -0.36 909.15 -1.687 -0.9003NA NA NA
20-Jun-03 1100.3 0.7048 3054 0.36475 0.497 0.257 929.75 2.2659 1.5969NA NA NA
23-Jun-03 1089.2 -1.004 3095 1.32109 1.009 -1.33 913.25 -1.775 1.7823NA NA NA
24-Jun-03 1085.4 -0.353 3144 1.60761 0.125 -0.57 888.95 -2.661 0.9405NA NA NA
25-Jun-03 1106.7 1.9625 3141 -0.1145 3.851 -0.22 902.6 1.5355 3.0135NA NA NA
26-Jun-03 1116.4 0.8765 3239 3.12659 0.768 2.741 915.3 1.407 1.2333NA NA NA
27-Jun-03 1125.6 0.8241 3330 2.82031 0.679 2.324 935.3 2.1851 1.8008NA NA NA
30-Jun-03 1134.2 0.7641 3274 -1.692 0.584 -1.29 947.8 1.3365 1.0212NA NA NA
1-Jul-03 1130.7 -0.304 3303 0.88882 0.093 -0.27 935.15 -1.335 0.406NA NA NA
2-Jul-03 1133.8 0.2742 3170 -4.0432 0.075 -1.11 912.55 -2.417 -0.6626NA NA NA
3-Jul-03 1144.7 0.957 3119 -1.6075 0.916 -1.54 907.8 -0.521 -0.4981NA NA NA
4-Jul-03 1138.5 -0.542 3096 -0.7231 0.293 0.392 901.75 -0.666 0.361NA NA NA
7-Jul-03 1140.6 0.1845 3095 -0.0275 0.034 -0.01 917.35 1.73 0.3191NA NA NA
8-Jul-03 1145.9 0.4691 3240 4.6879 0.22 2.199 938.1 2.262 1.061NA NA NA
9-Jul-03 1141.1 -0.423 3251 0.34102 0.179 -0.14 918.35 -2.105 0.8911NA NA NA
10-Jul-03 1162.4 1.8667 3627 11.5475 3.485 21.56 1005.5 9.4898 17.715NA NA NA
11-Jul-03 1161.7 -0.06 3515 -3.084 0.004 0.186 953.7 -5.152 0.3102NA NA NA
14-Jul-03 1171.5 0.8479 3487 -0.7881 0.719 -0.67 968 1.4994 1.2714NA NA NA
15-Jul-03 1159.9 -0.994 3407 -2.2998 0.989 2.287 945.5 -2.324 2.3115NA NA NA
16-Jul-03 1168.8 0.7673 3446 1.13588 0.589 0.872 974.65 3.083 2.3657NA NA NA
17-Jul-03 1152 -1.433 3463 0.51223 2.054 -0.73 935.95 -3.971 5.6906NA NA NA
18-Jul-03 1140 -1.042 3389 -2.1381 1.085 2.227 916.65 -2.062 2.148NA NA NA
21-Jul-03 1115.8 -2.123 3291 -2.9003 4.506 6.157 885.1 -3.442 7.3064NA NA NA
22-Jul-03 1109.2 -0.592 3338 1.44027 0.35 -0.85 898.45 1.5083 -0.8922NA NA NA
23-Jul-03 1119.1 0.888 3431 2.78572 0.789 2.474 925.2 2.9773 2.644NA NA NA
24-Jul-03 1139.5 1.823 3461 0.85387 3.323 1.557 917.1 -0.875 -1.596NA NA NA
25-Jul-03 1162.8 2.0448 3517 1.6167 4.181 3.306 929.35 1.3357 2.7314NA NA NA
28-Jul-03 1169.2 0.5547 3527 0.28009 0.308 0.155 955.6 2.8246 1.5668NA NA NA
29-Jul-03 1174.8 0.4747 3586 1.67444 0.225 0.795 949.7 -0.617 -0.2931NA NA NA
30-Jul-03 1183 0.7023 3567 -0.5257 0.493 -0.37 941.15 -0.9 -0.6322NA NA NA
31-Jul-03 1185.9 0.2409 3602 0.9939 0.058 0.239 947.6 0.6853 0.1651NA NA NA
1-Aug-03 1195.8 0.8348 3777 4.84287 0.697 4.043 986.6 4.1157 3.4359NA NA NA
4-Aug-03 1203.6 0.6565 3742 -0.9056 0.431 -0.59 989.5 0.2939 0.193NA NA NA
5-Aug-03 1184.5 -1.591 3727 -0.4062 2.531 0.646 958.2 -3.163 5.0329NA NA NA
6-Aug-03 1171.1 -1.131 3505 -5.9535 1.28 6.735 921.75 -3.804 4.3036NA NA NA
7-Aug-03 1197 2.2117 3508 0.08558 4.892 0.189 934.15 1.3453 2.9753NA NA NA
8-Aug-03 1222.7 2.1471 3558 1.40522 4.61 3.017 959 2.6602 5.7117NA NA NA
11-Aug-03 1232.9 0.8343 3482 -2.132 0.696 -1.78 945.9 -1.366 -1.1396NA NA NA
12-Aug-03 1234.8 0.1541 3409 -2.1024 0.024 -0.32 924.85 -2.225 -0.343NA NA NA
13-Aug-03 1246.9 0.984 3463 1.58863 0.968 1.563 927.25 0.2595 0.2554NA NA NA
14-Aug-03 1247.8 0.0682 3417 -1.3313 0.005 -0.09 912.8 -1.558 -0.1062NA NA NA
18-Aug-03 1281.4 2.6969 3490 2.14245 7.273 5.778 912.35 -0.049 -0.133NA NA NA
19-Aug-03 1277.7 -0.289 3492 0.06591 0.083 -0.02 924.8 1.3646 -0.394NA NA NA
20-Aug-03 1287.4 0.7592 3677 5.29473 0.576 4.02 951.65 2.9033 2.2041NA NA NA
21-Aug-03 1301 1.0525 3714 1.01712 1.108 1.071 981.45 3.1314 3.2958NA NA NA
22-Aug-03 1311.2 0.784 3642 -1.9572 0.615 -1.53 973.1 -0.851 -0.667NA NA NA
25-Aug-03 1271.1 -3.055 3561 -2.2215 9.33 6.786 949.7 -2.405 7.3453NA NA NA
26-Aug-03 1318.2 3.7055 3717 4.39221 13.73 16.28 976.35 2.8061 10.398NA NA NA
27-Aug-03 1340.3 1.6765 3856 3.72856 2.811 6.251 1020.1 4.481 7.5125NA NA NA
28-Aug-03 1341.1 0.056 3899 1.11389 0.003 0.062 1069.9 4.8819 0.2732NA NA NA
29-Aug-03 1356.6 1.1558 3926 0.6938 1.336 0.802 1068.9 -0.098 -0.1134NA NA NA
1-Sep-03 1376 1.4301 3869 -1.4443 2.045 -2.07 1107.5 3.616 5.1713NA NA NA
2-Sep-03 1385.5 0.6904 3892 0.58669 0.477 0.405 1135.2 2.4966 1.7237NA NA NA
3-Sep-03 1359.4 -1.884 3814 -2.0106 3.549 3.788 1111.2 -2.114 3.983NA NA NA
4-Sep-03 1372.7 0.9821 4210 10.3852 0.964 10.2 1187.3 6.8533 6.7305NA NA NA
5-Sep-03 1398.4 1.8722 4198 -0.2827 3.505 -0.53 1246.1 4.9482 9.2641NA NA NA
8-Sep-03 1417.4 1.3551 4252 1.29951 1.836 1.761 1268 1.7576 2.3817NA NA NA
9-Sep-03 1407.1 -0.727 4478 5.31242 0.528 -3.86 1288.2 1.5971 -1.1606NA NA NA
10-Sep-03 1409.6 0.1777 4303 -3.9056 0.032 -0.69 1266.5 -1.688 -0.3NA NA NA
11-Sep-03 1403.2 -0.454 4225 -1.83 0.206 0.831 1223.2 -3.415 1.5506NA NA NA
12-Sep-03 1372.1 -2.213 4162 -1.4842 4.897 3.284 1190.5 -2.677 5.9248NA NA NA
15-Sep-03 1329.3 -3.123 4039 -2.9482 9.753 9.207 1108.9 -6.855 21.406NA NA NA
16-Sep-03 1358 2.1591 4209 4.20509 4.662 9.079 1194.9 7.7558 16.746NA NA NA
17-Sep-03 1341.6 -1.204 4328 2.83084 1.45 -3.41 1191.8 -0.259 0.3124NA NA NA
18-Sep-03 1302.4 -2.926 4241 -2.0101 8.559 5.881 1131.6 -5.047 14.766NA NA NA
19-Sep-03 1322.2 1.5203 4320 1.85563 2.311 2.821 1150.2 1.6437 2.4989NA NA NA
22-Sep-03 1302.9 -1.456 4373 1.22805 2.12 -1.79 1129.7 -1.787 2.6013NA NA NA
23-Sep-03 1328.2 1.9418 4316 -1.3081 3.771 -2.54 1141.5 1.049 2.037NA NA NA
24-Sep-03 1372.1 3.3015 4509 4.48015 10.9 14.79 1197 4.862 16.052NA NA NA
25-Sep-03 1357.2 -1.082 4508 -0.0344 1.171 0.037 1179.4 -1.475 1.5959NA NA NA
26-Sep-03 1387 2.192 4552 0.97726 4.805 2.142 1245.6 5.6175 12.314NA NA NA
29-Sep-03 1400 0.9373 4474 -1.6939 0.879 -1.59 1243.6 -0.165 -0.1543NA NA NA
30-Sep-03 1417.1 1.225 4528 1.19791 1.501 1.467 1255.8 0.9811 1.2018NA NA NA
1-Oct-03 1420.9 0.2646 4574 1.01258 0.07 0.268 1247.6 -0.653 -0.1728NA NA NA
3-Oct-03 1449.3 2.0023 4560 -0.3072 4.009 -0.62 1216.8 -2.469 -4.9434NA NA NA
6-Oct-03 1478.9 2.0424 4569 0.20615 4.171 0.421 1237.9 1.7341 3.5417NA NA NA
7-Oct-03 1477.9 -0.071 4474 -2.089 0.005 0.148 1232.1 -0.469 0.0333NA NA NA
8-Oct-03 1478.6 0.0507 4389 -1.8877 0.003 -0.1 1212.4 -1.599 -0.0811NA NA NA
9-Oct-03 1502.1 1.5893 4447 1.31568 2.526 2.091 1244.1 2.6148 4.1557NA NA NA
10-Oct-03 1523.1 1.398 4630 4.10267 1.955 5.736 1347.2 8.2874 11.586NA NA NA
13-Oct-03 1546.8 1.5528 4748 2.55424 2.411 3.966 1371.8 1.8298 2.8412NA NA NA
14-Oct-03 1520.8 -1.678 4722 -0.5403 2.815 0.906 1334.5 -2.723 4.5679NA NA NA
15-Oct-03 1537 1.0652 4735 0.28165 1.135 0.3 1333.6 -0.067 -0.0718NA NA NA
16-Oct-03 1555.7 1.2167 4631 -2.2131 1.48 -2.69 1379.4 3.4382 4.1831NA NA NA
17-Oct-03 1569.5 0.8838 4735 2.2567 0.781 1.995 1419.4 2.8998 2.563NA NA NA
20-Oct-03 1542.7 -1.704 4623 -2.3716 2.905 4.042 1372.2 -3.329 5.6738NA NA NA
21-Oct-03 1506.5 -2.347 4552 -1.5348 5.506 3.601 1318.3 -3.928 9.2175NA NA NA
22-Oct-03 1494.1 -0.823 4513 -0.8601 0.677 0.708 1268.6 -3.766 3.1001NA NA NA
23-Oct-03 1470.5 -1.583 4418 -2.0974 2.506 3.32 1232.2 -2.873 4.548NA NA NA
24-Oct-03 1506.1 2.421 4554 3.08617 5.861 7.472 1284.8 4.273 10.345NA NA NA
25-Oct-03 1522 1.0557 4576 0.46548 1.115 0.491 1283.4 -0.109 -0.115NA NA NA
27-Oct-03 1485.3 -2.408 4447 -2.8204 5.799 6.792 1229.9 -4.169 10.038NA NA NA
28-Oct-03 1481.8 -0.239 4467 0.46103 0.057 -0.11 1252.8 1.8579 -0.444NA NA NA
29-Oct-03 1498.5 1.127 4570 2.31022 1.27 2.604 1258.7 0.471 0.5308NA NA NA
30-Oct-03 1516.9 1.2279 4617 1.01306 1.508 1.244 1252.2 -0.516 -0.6341NA NA NA
31-Oct-03 1555.9 2.5744 4739 2.6448 6.628 6.809 1342.3 7.1956 18.525NA NA NA
3-Nov-03 1601.7 2.9404 4979 5.07629 8.646 14.93 1425.7 6.2134 18.27NA NA NA
4-Nov-03 1618.7 1.0645 5026 0.94793 1.133 1.009 1454.2 2.0026 2.1318NA NA NA
5-Nov-03 1609.2 -0.59 4994 -0.6545 0.348 0.386 1419.9 -2.359 1.3916NA NA NA
6-Nov-03 1612.2 0.1895 5075 1.63911 0.036 0.311 1449.7 2.0952 0.3971NA NA NA
7-Nov-03 1592.1 -1.25 4982 -1.8363 1.562 2.295 1429.4 -1.4 1.7502NA NA NA
10-Nov-03 1594.5 0.1539 4936 -0.9203 0.024 -0.14 1420.5 -0.623 -0.0958NA NA NA
11-Nov-03 1601.2 0.4171 4923 -0.2644 0.174 -0.11 1437.6 1.2074 0.5035NA NA NA
12-Nov-03 1603.8 0.1655 4868 -1.1171 0.027 -0.18 1458.8 1.4747 0.2441NA NA NA
13-Nov-03 1580 -1.487 4747 -2.4885 2.211 3.701 1425 -2.32 3.4507NA NA NA
14-Nov-03 1550.5 -1.867 4626 -2.5542 3.486 4.769 1415.1 -0.695 1.2972NA NA NA
15-Nov-03 1562.8 0.7965 4622 -0.0897 0.634 -0.07 1413.7 -0.095 -0.076NA NA NA
17-Nov-03 1579.9 1.0942 4624 0.0476 1.197 0.052 1444.7 2.1893 2.3955NA NA NA
18-Nov-03 1564.4 -0.981 4613 -0.2379 0.963 0.233 1414.3 -2.101 2.0611NA NA NA
19-Nov-03 1540.6 -1.521 4662 1.05898 2.315 -1.61 1414.4 0.0071 -0.0108NA NA NA
20-Nov-03 1522.3 -1.188 4622 -0.857 1.411 1.018 1402.5 -0.845 1.0036NA NA NA
21-Nov-03 1540.7 1.2087 4671 1.07316 1.461 1.297 1444.8 3.0197 3.6499NA NA NA
24-Nov-03 1543.9 0.2077 4626 -0.9719 0.043 -0.2 1444 -0.055 -0.0115NA NA NA
25-Nov-03 1568.7 1.6031 4733 2.31515 2.57 3.711 1450.4 0.4398 0.705NA NA NA
27-Nov-03 1598.4 1.8933 4928 4.1241 3.585 7.808 1515.5 4.4886 8.4984NA NA NA
28-Nov-03 1615.3 1.0573 4926 -0.0487 1.118 -0.05 1538 1.4847 1.5698NA NA NA
1-Dec-03 1657.7 2.625 5163 4.81836 6.891 12.65 1615.3 5.0262 13.194NA NA NA
2-Dec-03 1658.5 0.0513 5138 -0.4881 0.003 -0.03 1565 -3.111 -0.1595NA NA NA
3-Dec-03 1670.5 0.7235 5094 -0.8515 0.524 -0.62 1583.2 1.1597 0.8391NA NA NA
4-Dec-03 1675.2 0.2814 5062 -0.6399 0.079 -0.18 1570 -0.834 -0.2346NA NA NA
5-Dec-03 1645.8 -1.755 4911 -2.9871 3.08 5.242 1508.6 -3.911 6.8638NA NA NA
8-Dec-03 1646.3 0.0273 4906 -0.1018 7E-04 -0 1526.2 1.1667 0.0319NA NA NA
9-Dec-03 1675.9 1.798 4979 1.50646 3.233 2.709 1548.6 1.4677 2.639NA NA NA
10-Dec-03 1686.9 0.6594 4967 -0.2561 0.435 -0.17 1591.5 2.7703 1.8267NA NA NA
11-Dec-03 1695.4 0.5039 4978 0.22349 0.254 0.113 1635.8 2.7836 1.4026NA NA NA
12-Dec-03 1698.9 0.2064 5032 1.09084 0.043 0.225 1609.4 -1.611 -0.3326NA NA NA
15-Dec-03 1724 1.4745 5139 2.12834 2.174 3.138 1666.8 3.5634 5.2542NA NA NA
16-Dec-03 1736.3 0.7135 5229 1.74443 0.509 1.245 1685.8 1.1399 0.8133NA NA NA
17-Dec-03 1733.3 -0.173 5122 -2.0454 0.03 0.353 1660.7 -1.489 0.2573NA NA NA
18-Dec-03 1756.1 1.3183 5129 0.13569 1.738 0.179 1681.9 1.2766 1.683NA NA NA
19-Dec-03 1778.6 1.2784 5261 2.5727 1.634 3.289 1705.8 1.4211 1.8167NA NA NA
22-Dec-03 1789.2 0.596 5323 1.18803 0.355 0.708 1681.2 -1.442 -0.8595NA NA NA
23-Dec-03 1780.3 -0.495 5452 2.41486 0.245 -1.19 1656.5 -1.466 0.7253NA NA NA
24-Dec-03 1808.7 1.5952 5424 -0.5136 2.545 -0.82 1720.5 3.8636 6.1633NA NA NA
26-Dec-03 1837.1 1.5674 5395 -0.5264 2.457 -0.83 1713.8 -0.389 -0.6104NA NA NA
29-Dec-03 1874.1 2.0141 5499 1.91278 4.057 3.853 1753.6 2.3223 4.6774NA NA NA
30-Dec-03 1873.3 -0.043 5536 0.68291 0.002 -0.03 1757.7 0.231 -0.0099NA NA NA
31-Dec-03 1879.8 0.347 5565 0.51752 0.12 0.18 1736.1 -1.229 -0.4264NA NA NA
1-Jan-04 1912.3 1.729 5636 1.28758 2.989 2.226 1760.9 1.4314 2.4748NA NA NA
2-Jan-04 1946.1 1.7676 5667 0.54024 3.124 0.955 1762.3 0.0795 0.1405NA NA NA
5-Jan-04 1955 0.4599 5887 3.8805 0.212 1.785 1740.8 -1.223 -0.5624NA NA NA
6-Jan-04 1926.7 -1.448 5685 -3.4264 2.095 4.96 1692.5 -2.772 4.0124NA NA NA
7-Jan-04 1916.8 -0.516 5693 0.14424 0.267 -0.07 1695.6 0.1802 -0.0931NA NA NA
8-Jan-04 1968.6 2.7025 5848 2.72079 7.303 7.353 1735.8 2.3709 6.4074NA NA NA
9-Jan-04 1971.9 0.1702 5821 -0.4702 0.029 -0.08 1756.7 1.2041 0.2049NA NA NA
12-Jan-04 1945.6 -1.334 5720 -1.7258 1.779 2.302 1737.2 -1.11 1.4805NA NA NA
13-Jan-04 1963.6 0.9252 5794 1.28406 0.856 1.188 1748.3 0.6419 0.5938NA NA NA
14-Jan-04 1982.2 0.9447 5706 -1.5206 0.892 -1.44 1759.4 0.6349 0.5998NA NA NA
15-Jan-04 1944.5 -1.902 5561 -2.5248 3.618 4.802 1704.2 -3.137 5.9673NA NA NA
16-Jan-04 1900.7 -2.253 5524 -0.6752 5.074 1.521 1699.5 -0.276 0.6212NA NA NA
19-Jan-04 1935.4 1.8257 5503 -0.3856 3.333 -0.7 1734.7 2.0683 3.776NA NA NA
20-Jan-04 1893.3 -2.175 5411 -1.6728 4.732 3.639 1717.9 -0.968 2.1068NA NA NA
21-Jan-04 1824.6 -3.626 5396 -0.2689 13.15 0.975 1656.9 -3.548 12.865NA NA NA
22-Jan-04 1770.5 -2.965 5174 -4.1105 8.791 12.19 1639 -1.08 3.2032NA NA NA
23-Jan-04 1847.6 4.3519 5461 5.54772 18.94 24.14 1720 4.939 21.494NA NA NA
27-Jan-04 1904.7 3.0933 5561 1.83474 9.568 5.675 1731.2 0.6512 2.0143NA NA NA
28-Jan-04 1863.1 -2.184 5417 -2.5893 4.77 5.655 1648.1 -4.797 10.478NA NA NA
29-Jan-04 1843.6 -1.047 5253 -3.0337 1.095 3.175 1573.8 -4.508 4.7185NA NA NA
30-Jan-04 1809.8 -1.836 5213 -0.7672 3.371 1.409 1558.8 -0.953 1.75NA NA NA
3-Feb-04 1769 -2.252 5198 -0.2897 5.07 0.652 1525.5 -2.139 4.8174NA NA NA
4-Feb-04 1822.2 3.0073 5360 3.12061 9.044 9.385 1517.2 -0.541 -1.6264NA NA NA
5-Feb-04 1804.5 -0.971 5439 1.48417 0.944 -1.44 1499 -1.2 1.1652NA NA NA
6-Feb-04 1833.7 1.6154 5559 2.18956 2.61 3.537 1555.7 3.7825 6.1103NA NA NA
9-Feb-04 1880.7 2.5659 5650 1.65331 6.584 4.242 1625.4 4.4771 11.488NA NA NA
10-Feb-04 1880.8 0.0027 5508 -2.5219 ##### -0.01 1598.1 -1.68 -0.0045NA NA NA
11-Feb-04 1891.5 0.5716 5471 -0.6636 0.327 -0.38 1608.9 0.679 0.3881NA NA NA
12-Feb-04 1885.3 -0.328 5353 -2.1612 0.107 0.708 1577.4 -1.961 0.6428NA NA NA
13-Feb-04 1913.6 1.5011 5376 0.43059 2.253 0.646 1625.6 3.0558 4.587NA NA NA
16-Feb-04 1913.6 -0.003 5356 -0.3757 ##### 1E-03 1616.8 -0.538 0.0014NA NA NA
17-Feb-04 1920.1 0.3423 5398 0.78417 0.117 0.268 1608.5 -0.516 -0.1768NA NA NA
18-Feb-04 1916.5 -0.19 5351 -0.8633 0.036 0.164 1590.6 -1.11 0.211NA NA NA
19-Feb-04 1858.3 -3.034 5106 -4.5801 9.207 13.9 1511 -5.004 15.185NA NA NA
20-Feb-04 1852.7 -0.304 5065 -0.8059 0.092 0.245 1503.9 -0.47 0.1429NA NA NA
23-Feb-04 1808.2 -2.399 5083 0.35043 5.756 -0.84 1468.4 -2.361 5.6635NA NA NA
24-Feb-04 1821.4 0.7272 5044 -0.7683 0.529 -0.56 1467.1 -0.092 -0.0669NA NA NA
25-Feb-04 1786.8 -1.897 4967 -1.5167 3.598 2.877 1442.5 -1.673 3.1744NA NA NA
26-Feb-04 1765.8 -1.175 4885 -1.6558 1.381 1.946 1418.8 -1.643 1.931NA NA NA
27-Feb-04 1800.3 1.9538 5062 3.63043 3.817 7.093 1454.6 2.5197 4.923NA NA NA
1-Mar-04 1852.7 2.9106 5319 5.07462 8.472 14.77 1498.1 2.9941 8.7146NA NA NA
3-Mar-04 1860.4 0.4156 5185 -2.5257 0.173 -1.05 1508 0.6608 0.2747NA NA NA
4-Mar-04 1843.9 -0.89 5285 1.92864 0.791 -1.72 1514.8 0.4509 -0.4011NA NA NA
5-Mar-04 1867.7 1.2935 5249 -0.6868 1.673 -0.89 1488.8 -1.72 -2.2244NA NA NA
8-Mar-04 1885.3 0.9397 5111 -2.6321 0.883 -2.47 1442.7 -3.093 -2.9066NA NA NA
9-Mar-04 1866.1 -1.018 4985 -2.4586 1.037 2.504 1429.1 -0.943 0.9601NA NA NA
10-Mar-04 1844.4 -1.163 4902 -1.658 1.352 1.928 1461.6 2.2742 -2.6446NA NA NA
11-Mar-04 1805.4 -2.112 4856 -0.9516 4.46 2.01 1437.6 -1.645 3.475NA NA NA
12-Mar-04 1812.2 0.3766 5037 3.73589 0.142 1.407 1469.8 2.2434 0.845NA NA NA
15-Mar-04 1763.4 -2.693 4940 -1.9168 7.251 5.162 1424.5 -3.085 8.3087NA NA NA
16-Mar-04 1749.4 -0.797 4942 0.03947 0.635 -0.03 1458.2 2.3658 -1.885NA NA NA
17-Mar-04 1749.9 0.0286 5043 2.03241 8E-04 0.058 1468.1 0.6789 0.0194NA NA NA
18-Mar-04 1716.7 -1.897 4937 -2.095 3.6 3.975 1424.7 -2.956 5.609NA NA NA
19-Mar-04 1725.1 0.4922 5189 5.10411 0.242 2.512 1436.5 0.8283 0.4077NA NA NA
22-Mar-04 1685 -2.325 5076 -2.1892 5.403 5.089 1382.1 -3.784 8.7951NA NA NA
23-Mar-04 1696.4 0.6766 5170 1.852 0.458 1.253 1401.3 1.3856 0.9374NA NA NA
24-Mar-04 1692.1 -0.253 5048 -2.3619 0.064 0.599 1382.2 -1.36 0.3446NA NA NA
25-Mar-04 1704.5 0.7299 5167 2.36751 0.533 1.728 1384.6 0.17 0.1241NA NA NA
26-Mar-04 1747.5 2.5257 5310 2.75789 6.379 6.966 1427.7 3.1165 7.8716NA NA NA
29-Mar-04 1762.1 0.8326 5213 -1.8175 0.693 -1.51 1411.7 -1.121 -0.9331NA NA NA
30-Mar-04 1750.2 -0.675 5038 -3.3503 0.456 2.263 1377.7 -2.408 1.6265NA NA NA
31-Mar-04 1771.9 1.2428 4938 -1.9878 1.544 -2.47 1361.2 -1.198 -1.4884NA NA NA
1-Apr-04 1819.7 2.6948 5111 3.49925 7.262 9.43 1368.8 0.5547 1.4947NA NA NA
2-Apr-04 1841.1 1.1788 5000 -2.1718 1.39 -2.56 1349.5 -1.41 -1.6622NA NA NA
5-Apr-04 1856.6 0.8419 5174 3.488 0.709 2.937 1392.9 3.2198 2.7107NA NA NA
6-Apr-04 1851.2 -0.294 5313 2.67664 0.086 -0.79 1409.3 1.1774 -0.3456NA NA NA
7-Apr-04 1848.7 -0.132 5325 0.23339 0.018 -0.03 1417.2 0.5606 -0.0742NA NA NA
8-Apr-04 1853.6 0.2623 5312 -0.2479 0.069 -0.07 1463.9 3.2952 0.8645NA NA NA
12-Apr-04 1838.2 -0.828 5143 -3.1786 0.686 2.632 1451.8 -0.827 0.6845NA NA NA
13-Apr-04 1878.5 2.1896 5494 6.81476 4.795 14.92 1607.1 10.697 23.423NA NA NA
15-Apr-04 1862 -0.878 5336 -2.8642 0.772 2.516 1599 -0.504 0.4427NA NA NA
16-Apr-04 1869 0.3759 5390 1.00161 0.141 0.377 1626.2 1.6979 0.6383NA NA NA
17-Apr-04 1868.1 -0.045 5394 0.0705 0.002 -0 1619.3 -0.424 0.0193NA NA NA
19-Apr-04 1844.1 -1.287 5361 -0.6063 1.657 0.781 1594.4 -1.535 1.9757NA NA NA
20-Apr-04 1844.3 0.0108 5381 0.37866 1E-04 0.004 1606.7 0.7715 0.0084NA NA NA
21-Apr-04 1873.4 1.5779 5426 0.8223 2.49 1.297 1597.3 -0.588 -0.928NA NA NA
22-Apr-04 1889.6 0.8648 5386 -0.7317 0.748 -0.63 1612.8 0.9735 0.8419NA NA NA
23-Apr-04 1892.5 0.1535 5307 -1.4603 0.024 -0.22 1593.5 -1.197 -0.1837NA NA NA
27-Apr-04 1817.3 -3.974 5136 -3.2315 15.79 12.84 1531.3 -3.906 15.523NA NA NA
28-Apr-04 1816.6 -0.039 5102 -0.6504 0.001 0.025 1521.6 -0.633 0.0244NA NA NA
29-Apr-04 1809 -0.418 5039 -1.2445 0.175 0.521 1534.3 0.838 -0.3506NA NA NA
30-Apr-04 1796.1 -0.71 5146 2.13148 0.505 -1.51 1545.2 0.7104 -0.5047NA NA NA
3-May-04 1766.7 -1.637 5185 0.74716 2.679 -1.22 1554.8 0.618 -1.0117NA NA NA
4-May-04 1793.1 1.4943 5220 0.68183 2.233 1.019 1591.4 2.3573 3.5225NA NA NA
5-May-04 1809.9 0.9369 5261 0.78449 0.878 0.735 1605.8 0.9017 0.8448NA NA NA
6-May-04 1832.8 1.2653 5297 0.69095 1.601 0.874 1591.6 -0.881 -1.115NA NA NA
7-May-04 1804.5 -1.547 5219 -1.4706 2.393 2.275 1549.8 -2.629 4.0672NA NA NA
10-May-04 1769.1 -1.959 5125 -1.7991 3.838 3.524 1535.1 -0.949 1.8582NA NA NA
11-May-04 1699.5 -3.937 5046 -1.5482 15.5 6.095 1506.5 -1.86 7.3224NA NA NA
12-May-04 1711.1 0.6855 5083 0.73819 0.47 0.506 1528.3 1.4471 0.992NA NA NA
13-May-04 1717.5 0.374 5194 2.1718 0.14 0.812 1595.7 4.4069 1.6483NA NA NA
14-May-04 1582.4 -7.866 5090 -2.0024 61.88 15.75 1545.6 -3.137 24.673NA NA NA
17-May-04 1388.8 -12.24 4519 -11.218 149.8 137.3 1243.1 -19.57 239.55NA NA NA
18-May-04 1504 8.2952 4881 8.0143 68.81 66.48 1539.3 23.828 197.66NA NA NA
19-May-04 1567.9 4.2488 4973 1.87873 18.05 7.982 1521.6 -1.15 -4.8858NA NA NA
20-May-04 1543.9 -1.531 4928 -0.8989 2.343 1.376 1474.7 -3.079 4.7134NA NA NA
21-May-04 1560.2 1.059 4910 -0.3622 1.122 -0.38 1511.7 2.5056 2.6535NA NA NA
24-May-04 1608.9 3.1182 5319 8.32264 9.723 25.95 1610.1 6.5128 20.308NA NA NA
25-May-04 1606.7 -0.134 5356 0.69659 0.018 -0.09 1620 0.6118 -0.0818NA NA NA
26-May-04 1598.8 -0.492 5284 -1.3406 0.242 0.659 1589 -1.914 0.9409NA NA NA
27-May-04 1586.4 -0.776 5298 0.26022 0.602 -0.2 1605.5 1.0384 -0.8054NA NA NA
28-May-04 1508.8 -4.895 5058 -4.5302 23.96 22.17 1503.7 -6.341 31.037NA NA NA
31-May-04 1483.6 -1.667 5201 2.83031 2.779 -4.72 1523.7 1.3334 -2.2227NA NA NA
1-Jun-04 1507.9 1.6379 5288 1.66606 2.683 2.729 1526.6 0.187 0.3064NA NA NA
2-Jun-04 1535.2 1.8105 5338 0.94467 3.278 1.71 1529.2 0.1736 0.3143NA NA NA
3-Jun-04 1495.1 -2.612 5241 -1.7995 6.823 4.7 1459.8 -4.542 11.863NA NA NA
4-Jun-04 1521.1 1.739 5217 -0.4598 3.024 -0.8 1504.9 3.0896 5.3728NA NA NA
7-Jun-04 1542.6 1.4102 5207 -0.1907 1.989 -0.27 1485.5 -1.286 -1.8132NA NA NA
8-Jun-04 1550.6 0.5186 5178 -0.5655 0.269 -0.29 1495.4 0.6631 0.3439NA NA NA
9-Jun-04 1548.3 -0.145 5222 0.85072 0.021 -0.12 1495 -0.023 0.0034NA NA NA
10-Jun-04 1544.8 -0.229 5273 0.97951 0.053 -0.22 1523.6 1.9097 -0.4379NA NA NA
11-Jun-04 1508.5 -2.35 5111 -3.0826 5.522 7.244 1479.8 -2.875 6.7556NA NA NA
14-Jun-04 1481.4 -1.797 4994 -2.2815 3.228 4.099 1443.7 -2.44 4.3829NA NA NA
15-Jun-04 1501 1.3265 5082 1.76512 1.76 2.341 1487.2 3.0132 3.997NA NA NA
16-Jun-04 1494.8 -0.416 5146 1.25636 0.173 -0.52 1483.4 -0.252 0.105NA NA NA
17-Jun-04 1512.1 1.1574 5200 1.04061 1.34 1.204 1504.1 1.3954 1.6151NA NA NA
18-Jun-04 1491.2 -1.379 5265 1.24915 1.901 -1.72 1515 0.7247 -0.9993NA NA NA
21-Jun-04 1482 -0.617 5351 1.64973 0.381 -1.02 1568.1 3.5017 -2.1604NA NA NA
22-Jun-04 1474.7 -0.493 5375 0.45035 0.243 -0.22 1557.6 -0.67 0.3298NA NA NA
23-Jun-04 1446.1 -1.939 5323 -0.9683 3.761 1.878 1535.6 -1.409 2.7331NA NA NA
24-Jun-04 1470.8 1.7046 5409 1.61081 2.906 2.746 1588.1 3.4189 5.8277NA NA NA
25-Jun-04 1488.5 1.2069 5484 1.38192 1.457 1.668 533.25 -66.42 -80.163NA NA NA
28-Jun-04 1514.4 1.7366 5598 2.07881 3.016 3.61 556.15 4.2944 7.4579NA NA NA
29-Jun-04 1518.3 0.2608 5587 -0.2001 0.068 -0.05 541.65 -2.607 -0.6801NA NA NA
30-Jun-04 1505.6 -0.836 5524 -1.1205 0.7 0.937 532.1 -1.763 1.4748NA NA NA
1-Jul-04 1537.2 2.0988 1409 -74.497 4.405 -156 535.75 0.686 1.4397NA NA NA
2-Jul-04 1537.5 0.0195 1423 1.03279 4E-04 0.02 527.7 -1.503 -0.0293NA NA NA
5-Jul-04 1526.9 -0.693 1429 0.42857 0.48 -0.3 523.25 -0.843 0.5841NA NA NA
6-Jul-04 1558.3 2.0565 1427 -0.2064 4.229 -0.42 532.15 1.7009 3.498NA NA NA
7-Jul-04 1566.8 0.5487 1392 -2.387 0.301 -1.31 516.15 -3.007 -1.6497NA NA NA
8-Jul-04 1518.2 -3.105 1352 -2.887 9.641 8.964 500.55 -3.022 9.3846NA NA NA
9-Jul-04 1553.2 2.3087 1383 2.23701 5.33 5.165 499.85 -0.14 -0.3229NA NA NA
12-Jul-04 1557 0.2414 1376 -0.4593 0.058 -0.11 498.6 -0.25 -0.0604NA NA NA
13-Jul-04 1539.3 -1.134 1403 1.93293 1.285 -2.19 496.25 -0.471 0.5343NA NA NA
14-Jul-04 1522.8 -1.075 1421 1.28676 1.156 -1.38 511.8 3.1335 -3.369NA NA NA
15-Jul-04 1539.4 1.0934 1443 1.59417 1.196 1.743 525.15 2.6084 2.8521NA NA NA
16-Jul-04 1558.8 1.2602 1478 2.37625 1.588 2.995 525.8 0.1238 0.156NA NA NA
19-Jul-04 1571.6 0.8211 1478 0.03384 0.674 0.028 528.6 0.5325 0.4373NA NA NA
20-Jul-04 1566.1 -0.35 1448 -2.0599 0.122 0.721 519.8 -1.665 0.5826NA NA NA
21-Jul-04 1581.4 0.9769 1437 -0.7252 0.954 -0.71 524.55 0.9138 0.8927NA NA NA
22-Jul-04 1598.1 1.056 1443 0.3757 1.115 0.397 524.05 -0.095 -0.1007NA NA NA
23-Jul-04 1601.6 0.219 1455 0.86297 0.048 0.189 529.95 1.1258 0.2466NA NA NA
26-Jul-04 1618 1.024 1460 0.30237 1.049 0.31 523.75 -1.17 -1.198NA NA NA
27-Jul-04 1600.8 -1.066 1479 1.35316 1.137 -1.44 519.6 -0.792 0.8448NA NA NA
28-Jul-04 1594.2 -0.412 1508 1.96039 0.17 -0.81 526.75 1.3761 -0.5674NA NA NA
29-Jul-04 1618.7 1.54 1536 1.80998 2.372 2.787 541.45 2.7907 4.2977NA NA NA
30-Jul-04 1632.3 0.8402 1554 1.16567 0.706 0.979 546.85 0.9973 0.8379NA NA NA
2-Aug-04 1639.1 0.4135 1556 0.16093 0.171 0.067 540.8 -1.106 -0.4575NA NA NA
3-Aug-04 1630.6 -0.516 1577 1.34319 0.266 -0.69 537.9 -0.536 0.2765NA NA NA
4-Aug-04 1626.6 -0.248 1548 -1.8264 0.062 0.454 531.55 -1.181 0.2932NA NA NA
5-Aug-04 1655 1.746 1558 0.62657 3.049 1.094 564.7 6.2365 10.889NA NA NA
6-Aug-04 1633.4 -1.302 1527 -1.99 1.696 2.591 551.15 -2.4 3.1245NA NA NA
9-Aug-04 1642.6 0.5632 1534 0.48795 0.317 0.275 557.9 1.2247 0.6898NA NA NA
10-Aug-04 1652.2 0.5814 1525 -0.5964 0.338 -0.35 561.45 0.6363 0.37NA NA NA
11-Aug-04 1621.6 -1.849 1504 -1.377 3.419 2.546 556.85 -0.819 1.515NA NA NA
12-Aug-04 1607.2 -0.888 1499 -0.3623 0.789 0.322 543.55 -2.388 2.121NA NA NA
13-Aug-04 1598.2 -0.56 1480 -1.2545 0.314 0.702 534.4 -1.683 0.9427NA NA NA
16-Aug-04 1599.2 0.0594 1487 0.49667 0.004 0.03 540.25 1.0947 0.0651NA NA NA
17-Aug-04 1604.4 0.3252 1483 -0.316 0.106 -0.1 546.2 1.1013 0.3581NA NA NA
18-Aug-04 1581.8 -1.406 1487 0.29005 1.976 -0.41 546.25 0.0092 -0.0129NA NA NA
19-Aug-04 1609.2 1.7322 1537 3.35956 3.001 5.819 560.35 2.5812 4.4712NA NA NA
20-Aug-04 1590.4 -1.171 1547 0.65398 1.372 -0.77 564.5 0.7406 -0.8675NA NA NA
23-Aug-04 1578.2 -0.764 1560 0.82428 0.584 -0.63 564.25 -0.044 0.0338NA NA NA
24-Aug-04 1591.6 0.8491 1556 -0.234 0.721 -0.2 576.95 2.2508 1.9111NA NA NA
25-Aug-04 1595.7 0.2576 1535 -1.3401 0.066 -0.35 565.15 -2.045 -0.5269 988 0 0
26-Aug-04 1610.8 0.9432 1546 0.68402 0.89 0.645 574.25 1.6102 1.5187 979 -0.906 -0.85
27-Aug-04 1609 -0.109 1565 1.27786 0.012 -0.14 568.5 -1.001 0.1088 962.7 -1.67 0.18
30-Aug-04 1628.5 1.2088 1577 0.77621 1.461 0.938 580.15 2.0493 2.4772 986.8 2.504 3.03
31-Aug-04 1631.8 0.2026 1576 -0.1236 0.041 -0.03 578.5 -0.284 -0.0576 998 1.14 0.23
1-Sep-04 1635.5 0.2268 1581 0.36179 0.051 0.082 576.2 -0.398 -0.0902 997 -0.1 -0.02
2-Sep-04 1629.3 -0.376 1603 1.35656 0.141 -0.51 578.2 0.3471 -0.1305 993 -0.401 0.15
3-Sep-04 1634.1 0.2946 1607 0.24647 0.087 0.073 581.5 0.5707 0.1681 988 -0.504 -0.15
6-Sep-04 1644 0.6058 1608 0.08092 0.367 0.049 584 0.4299 0.2605 977 -1.113 -0.67
7-Sep-04 1650.2 0.3741 1615 0.46645 0.14 0.174 592.2 1.4041 0.5253 987 1.024 0.38
8-Sep-04 1656.3 0.3697 1625 0.59428 0.137 0.22 590.05 -0.363 -0.1342 922 -6.586 -2.43
9-Sep-04 1649 -0.438 1623 -0.1446 0.192 0.063 590.05 0 0 975 5.748 -2.52
10-Sep-04 1668.8 1.1977 1654 1.93511 1.434 2.318 591.25 0.2034 0.2436 988 1.333 1.6
13-Sep-04 1675.2 0.3865 1676 1.31798 0.149 0.509 589.4 -0.313 -0.1209 983 -0.506 -0.2
14-Sep-04 1685.6 0.6178 1701 1.5067 0.382 0.931 600.9 1.9511 1.2055 1005 2.238 1.38
15-Sep-04 1683.2 -0.139 1701 -0.0059 0.019 8E-04 589.15 -1.955 0.2726 1021 1.592 -0.22
16-Sep-04 1705.7 1.3367 1695 -0.3557 1.787 -0.48 590.45 0.2207 0.295 1004 -1.665 -2.23
17-Sep-04 1733.7 1.6386 1690 -0.3097 2.685 -0.51 592.5 0.3472 0.5689 1022 1.793 2.94
20-Sep-04 1728.8 -0.28 1658 -1.9057 0.078 0.533 580.9 -1.958 0.5477 1028 0.587 -0.16
21-Sep-04 1750.2 1.2379 1676 1.12519 1.532 1.393 599.25 3.1589 3.9102 1026 -0.195 -0.24
22-Sep-04 1753.9 0.2114 1664 -0.7547 0.045 -0.16 606.15 1.1514 0.2434 1218 18.71 3.96
23-Sep-04 1726.2 -1.582 1630 -1.9958 2.503 3.158 593.15 -2.145 3.3933 1006 -17.4 27.5
24-Sep-04 1722.5 -0.211 1614 -1.0029 0.045 0.212 582.75 -1.753 0.3708 1008 0.234 -0.05
27-Sep-04 1717.5 -0.29 1640 1.59546 0.084 -0.46 577 -0.987 0.2864 1025 1.592 -0.46
28-Sep-04 1700.3 -1.004 1612 -1.6954 1.009 1.703 571.05 -1.031 1.0357 1023 -0.156 0.16
29-Sep-04 1728 1.6292 1640 1.73708 2.654 2.83 584.05 2.2765 3.7088 1046 2.239 3.65
30-Sep-04 1745.5 1.0157 1696 3.39045 1.032 3.444 596.8 2.183 2.2172 1052 0.598 0.61
1-Oct-04 1775.2 1.6987 1703 0.45709 2.885 0.776 604.45 1.2818 2.1774 1030 -2.072 -3.52
4-Oct-04 1805.7 1.7182 1728 1.44723 2.952 2.487 628 3.8961 6.6941 1029 -0.141 -0.24
5-Oct-04 1812.5 0.3766 1721 -0.4283 0.142 -0.16 637.15 1.457 0.5487 1021 -0.782 -0.29
6-Oct-04 1794.9 -0.968 1686 -2.0139 0.938 1.95 622 -2.378 2.3024 1016 -0.509 0.49
7-Oct-04 1815.7 1.1588 1706 1.16558 1.343 1.351 632.45 1.6801 1.9469 1031 1.521 1.76
8-Oct-04 1820.2 0.2478 1708 0.14952 0.061 0.037 637.9 0.8617 0.2136 1027 -0.378 -0.09
9-Oct-04 1817.8 -0.132 1699 -0.5094 0.017 0.067 636.7 -0.188 0.0248 1048 2.006 -0.26
11-Oct-04 1807.8 -0.553 1687 -0.7532 0.306 0.416 631.2 -0.864 0.4776 1077 2.749 -1.52
12-Oct-04 1786.9 -1.153 1711 1.47046 1.33 -1.7 627.7 -0.554 0.6395 1081 0.39 -0.45
14-Oct-04 1794.8 0.4393 1815 6.02741 0.193 2.648 659.85 5.1219 2.2501 1082 0.083 0.04
15-Oct-04 1795 0.0139 1787 -1.5293 2E-04 -0.02 649.65 -1.546 -0.0215 1097 1.433 0.02
18-Oct-04 1786 -0.501 1761 -1.43 0.251 0.717 637.9 -1.809 0.9069 1098 0.087 -0.04
19-Oct-04 1808.4 1.2542 1768 0.37758 1.573 0.474 651.95 2.2025 2.7624 1101 0.237 0.3
20-Oct-04 1790.1 -1.015 1759 -0.5119 1.03 0.519 646.8 -0.79 0.8016 1089 -1.031 1.05
21-Oct-04 1779.8 -0.575 1780 1.19115 0.331 -0.69 641.1 -0.881 0.5071 1084 -0.445 0.26
25-Oct-04 1757.3 -1.264 1820 2.27841 1.598 -2.88 634.3 -1.061 1.3409 1116 2.928 -3.7
26-Oct-04 1781.1 1.3544 1861 2.2359 1.834 3.028 638.8 0.7094 0.9609 1126 0.878 1.19
27-Oct-04 1783.9 0.1572 1868 0.36539 0.025 0.057 641.7 0.454 0.0714 1137 0.999 0.16
28-Oct-04 1800.1 0.911 1949 4.33665 0.83 3.95 658.8 2.6648 2.4275 1143 0.523 0.48
29-Oct-04 1786.9 -0.733 1906 -2.1783 0.538 1.597 657.5 -0.197 0.1447 1133 -0.87 0.64
1-Nov-04 1797.8 0.6072 1946 2.08251 0.369 1.264 654.8 -0.411 -0.2493 1126 -0.679 -0.41
2-Nov-04 1813.7 0.8872 1911 -1.8216 0.787 -1.62 660.4 0.8552 0.7588 1117 -0.729 -0.65
3-Nov-04 1837.4 1.3067 1961 2.6353 1.708 3.444 675.6 2.3016 3.0076 1137 1.777 2.32
4-Nov-04 1834.9 -0.139 1988 1.36413 0.019 -0.19 671.8 -0.562 0.0781 1140 0.237 -0.03
5-Nov-04 1852.3 0.951 1977 -0.5584 0.904 -0.53 688.1 2.4263 2.3075 1166 2.285 2.17
8-Nov-04 1862.8 0.5669 2018 2.08439 0.321 1.182 687.35 -0.109 -0.0618 1156 -0.832 -0.47
9-Nov-04 1858.8 -0.217 2037 0.93914 0.047 -0.2 689.4 0.2982 -0.0648 1171 1.245 -0.27
10-Nov-04 1876.1 0.9334 2041 0.21112 0.871 0.197 699.1 1.407 1.3133 1160 -0.935 -0.87
11-Nov-04 1870.6 -0.296 2017 -1.1734 0.088 0.347 694.65 -0.637 0.1883 1175 1.337 -0.4
12-Nov-04 1873 0.1283 2027 0.50072 0.016 0.064 691.85 -0.403 -0.0517 1170 -0.408 -0.05
16-Nov-04 1879 0.323 2049 1.07784 0.104 0.348 706.85 2.1681 0.7003 1165 -0.423 -0.14
17-Nov-04 1888.7 0.5136 2077 1.35917 0.264 0.698 717.75 1.5421 0.792 1184 1.605 0.82
18-Nov-04 1892.1 0.18 2063 -0.6789 0.032 -0.12 720.7 0.411 0.074 1188 0.359 0.06
19-Nov-04 1872.4 -1.041 2058 -0.24 1.084 0.25 713 -1.068 1.1124 1194 0.501 -0.52
22-Nov-04 1873.4 0.0534 2028 -1.4505 0.003 -0.08 709.7 -0.463 -0.0247 1196 0.159 0.01
23-Nov-04 1892.6 1.0276 2031 0.15039 1.056 0.155 714.9 0.7327 0.7529 1197 0.042 0.04
24-Nov-04 1904.1 0.605 2024 -0.352 0.366 -0.21 715.55 0.0909 0.055 1191 -0.489 -0.3
25-Nov-04 1901.1 -0.158 2030 0.28163 0.025 -0.04 736.55 2.9348 -0.4624 1205 1.218 -0.19
29-Nov-04 1939.7 2.0305 2091 3.01537 4.123 6.123 761.85 3.4349 6.9745 1231 2.124 4.31
30-Nov-04 1958.8 0.9873 2149 2.79319 0.975 2.758 766.4 0.5972 0.5896 1217 -1.129 -1.11
1-Dec-04 1962.1 0.1659 2108 -1.9007 0.028 -0.32 755.2 -1.461 -0.2425 1222 0.44 0.07
2-Dec-04 1999 1.8832 2080 -1.3494 3.547 -2.54 756.4 0.1589 0.2992 1236 1.072 2.02
3-Dec-04 1996.2 -0.14 2051 -1.3727 0.02 0.192 749.65 -0.892 0.125 1234 -0.134 0.02
6-Dec-04 1993.2 -0.153 2030 -1.0335 0.023 0.158 742.6 -0.94 0.1437 1217 -1.382 0.21
7-Dec-04 1992.7 -0.023 2040 0.48026 5E-04 -0.01 757.15 1.9593 -0.0442 1244 2.223 -0.05
8-Dec-04 1978 -0.74 2031 -0.4167 0.548 0.308 739.65 -2.311 1.7108 1275 2.472 -1.83
9-Dec-04 1990 0.6067 2042 0.53165 0.368 0.323 738.5 -0.155 -0.0943 1262 -1.028 -0.62
10-Dec-04 1969 -1.053 2033 -0.4309 1.108 0.454 747.05 1.1578 -1.2189 1243 -1.502 1.58
13-Dec-04 1985.4 0.8304 2038 0.20655 0.69 0.172 750 0.3949 0.3279 1237 -0.471 -0.39
14-Dec-04 2006.8 1.0804 2051 0.66991 1.167 0.724 754.65 0.62 0.6699 1215 -1.795 -1.94
15-Dec-04 2028.7 1.0913 2101 2.40829 1.191 2.628 763.85 1.2191 1.3304 1218 0.305 0.33
16-Dec-04 2033.2 0.2218 2120 0.9378 0.049 0.208 769.85 0.7855 0.1742 1201 -1.432 -0.32
17-Dec-04 2012.1 -1.038 2089 -1.4738 1.077 1.529 756.65 -1.715 1.7794 1211 0.887 -0.92
20-Dec-04 2026.9 0.7331 2114 1.18711 0.537 0.87 767.45 1.4273 1.0463 1226 1.172 0.86
21-Dec-04 2044.7 0.8782 2115 0.05677 0.771 0.05 771.45 0.5212 0.4577 1236 0.857 0.75
22-Dec-04 2035.4 -0.455 2081 -1.5909 0.207 0.724 755.45 -2.074 0.9434 1233 -0.243 0.11
23-Dec-04 2045.2 0.4815 2066 -0.7375 0.232 -0.36 748.7 -0.894 -0.4302 1246 1.002 0.48
24-Dec-04 2062.7 0.8581 2065 -0.0436 0.736 -0.04 757.2 1.1353 0.9742 1263 1.377 1.18
27-Dec-04 2062.6 -0.005 2058 -0.3341 ##### 0.002 750.6 -0.872 0.0042 1257 -0.487 0
28-Dec-04 2071.4 0.4242 2062 0.16761 0.18 0.071 751.5 0.1199 0.0509 1263 0.481 0.2
29-Dec-04 2069.6 -0.084 2073 0.55293 0.007 -0.05 754.85 0.4458 -0.0377 1273 0.804 -0.07
30-Dec-04 2059.8 -0.474 2048 -1.2059 0.224 0.571 747.6 -0.96 0.4548 1240 -2.558 1.21
31-Dec-04 2080.5 1.005 2092 2.12631 1.01 2.137 748.8 0.1605 0.1613 1228 -0.992 -1
3-Jan-05 2115 1.6583 2120 1.33145 2.75 2.208 754.2 0.7212 1.1959 1268 3.266 5.42
4-Jan-05 2103.8 -0.532 2090 -1.3918 0.283 0.74 749.05 -0.683 0.3632 1271 0.205 -0.11
5-Jan-05 2032.2 -3.401 2053 -1.7966 11.57 6.11 707.3 -5.574 18.957 1309 3.054 -10.4
6-Jan-05 1998.4 -1.666 2044 -0.4263 2.774 0.71 689.4 -2.531 4.2154 1320 0.832 -1.39
7-Jan-05 2015.5 0.8582 2051 0.34495 0.737 0.296 699.75 1.5013 1.2884 1297 -1.788 -1.53
10-Jan-05 1982 -1.662 1995 -2.7258 2.763 4.531 678 -3.108 5.1663 1335 2.992 -4.97
11-Jan-05 1952.1 -1.511 1972 -1.1655 2.283 1.761 675.9 -0.31 0.468 1353 1.333 -2.01
12-Jan-05 1913.6 -1.97 1906 -3.317 3.88 6.534 656 -2.944 5.7993 1341 -0.887 1.75
13-Jan-05 1954.6 2.1399 1968 3.2577 4.579 6.971 670.8 2.2561 4.8279 1325 -1.212 -2.59
14-Jan-05 1931.1 -1.2 1974 0.28704 1.439 -0.34 664.6 -0.924 1.1089 1320 -0.343 0.41
17-Jan-05 1932.9 0.0932 1998 1.20061 0.009 0.112 675.15 1.5874 0.148 1340 1.477 0.14
18-Jan-05 1934.1 0.0595 1965 -1.6169 0.004 -0.1 682.1 1.0294 0.0612 1327 -0.933 -0.06
19-Jan-05 1926.7 -0.383 1959 -0.3282 0.146 0.126 688.15 0.887 -0.3394 1314 -1.032 0.39
20-Jan-05 1925.3 -0.07 1965 0.29608 0.005 -0.02 674.65 -1.962 0.1375 1298 -1.195 0.08
24-Jan-05 1909 -0.847 1906 -3.0157 0.717 2.553 647.8 -3.98 3.3694 1293 -0.397 0.34
25-Jan-05 1931.9 1.197 1913 0.38573 1.433 0.462 656.7 1.3739 1.6445 1296 0.271 0.32
27-Jan-05 1955 1.1983 1952 2.05191 1.436 2.459 674.7 2.741 3.2846 1263 -2.557 -3.06
28-Jan-05 2008.3 2.7263 2038 4.38246 7.433 11.95 698.5 3.5275 9.6172 1264 0.047 0.13
31-Jan-05 2057.6 2.4548 2069 1.52136 6.026 3.735 705.35 0.9807 2.4074 1255 -0.669 -1.64
1-Feb-05 2059.9 0.1094 2062 -0.3336 0.012 -0.04 696.25 -1.29 -0.1411 1244 -0.932 -0.1
2-Feb-05 2052.3 -0.369 2072 0.48745 0.136 -0.18 686.2 -1.443 0.5326 1221 -1.853 0.68
3-Feb-05 2079.5 1.3254 2101 1.4263 1.757 1.89 694.3 1.1804 1.5645 1235 1.212 1.61
4-Feb-05 2078 -0.072 2085 -0.759 0.005 0.055 703.15 1.2747 -0.0919 1241 0.413 -0.03
7-Feb-05 2055.1 -1.1 2030 -2.659 1.209 2.924 688.4 -2.098 2.3067 1289 3.922 -4.31
8-Feb-05 2055.2 0.0024 2044 0.67243 ##### 0.002 693.15 0.69 0.0017 1300 0.869 0
9-Feb-05 2070 0.7226 2045 0.06851 0.522 0.05 691.55 -0.231 -0.1668 1315 1.142 0.83
10-Feb-05 2063.4 -0.321 2044 -0.0293 0.103 0.009 684.85 -0.969 0.3112 1309 -0.479 0.15
11-Feb-05 2082.1 0.9063 2104 2.89572 0.821 2.624 695.25 1.5186 1.3763 1311 0.164 0.15
14-Feb-05 2098.3 0.7781 2170 3.13986 0.605 2.443 713.65 2.6465 2.0592 1306 -0.355 -0.28
15-Feb-05 2090 -0.396 2182 0.56461 0.156 -0.22 706.65 -0.981 0.388 1314 0.559 -0.22
16-Feb-05 2068.8 -1.012 2184 0.08021 1.024 -0.08 706.9 0.0354 -0.0358 1316 0.171 -0.17
17-Feb-05 2061.9 -0.334 2174 -0.4442 0.111 0.148 698.5 -1.188 0.3963 1333 1.277 -0.43
18-Feb-05 2055.6 -0.308 2165 -0.4255 0.095 0.131 691.25 -1.038 0.3197 1333 -0.011 0
21-Feb-05 2043.2 -0.601 2144 -0.9609 0.361 0.577 678.65 -1.823 1.0952 1382 3.684 -2.21
22-Feb-05 2058.4 0.7439 2161 0.79761 0.553 0.593 683.45 0.7073 0.5262 1410 2.019 1.5
23-Feb-05 2057.1 -0.063 2141 -0.944 0.004 0.06 679.4 -0.593 0.0374 1381 -2.008 0.13
24-Feb-05 2055.3 -0.088 2164 1.10717 0.008 -0.1 677.4 -0.294 0.0258 1368 -0.956 0.08
25-Feb-05 2060.9 0.2725 2179 0.7 0.074 0.191 672.7 -0.694 -0.189 1382 1.001 0.27
28-Feb-05 2103.3 2.0549 2240 2.78281 4.223 5.718 699.5 3.9839 8.1867 1375 -0.496 -1.02
1-Mar-05 2084.4 -0.896 2181 -2.6271 0.803 2.355 675.65 -3.41 3.0558 1366 -0.687 0.62
2-Mar-05 2093.3 0.4246 2187 0.2659 0.18 0.113 671.1 -0.673 -0.2859 1363 -0.154 -0.07
3-Mar-05 2128.9 1.7007 2214 1.25283 2.892 2.131 696.55 3.7923 6.4496 1375 0.843 1.43
4-Mar-05 2148.2 0.9066 2234 0.89187 0.822 0.809 720.05 3.3738 3.0586 1368 -0.509 -0.46
7-Mar-05 2160.1 0.5563 2252 0.80118 0.309 0.446 721.85 0.25 0.1391 1364 -0.285 -0.16
8-Mar-05 2169 0.4097 2264 0.53284 0.168 0.218 717.45 -0.61 -0.2497 1381 1.235 0.51
9-Mar-05 2160.8 -0.376 2252 -0.5388 0.141 0.202 713.55 -0.544 0.2043 1357 -1.698 0.64
10-Mar-05 2167.4 0.3054 2232 -0.8815 0.093 -0.27 704.5 -1.268 -0.3874 1368 0.777 0.24
11-Mar-05 2154 -0.618 2215 -0.7796 0.382 0.482 697.6 -0.979 0.6055 1390 1.575 -0.97
14-Mar-05 2146.4 -0.355 2226 0.51927 0.126 -0.18 693.95 -0.523 0.1858 1392 0.194 -0.07
15-Mar-05 2129 -0.811 2211 -0.6895 0.657 0.559 683.7 -1.477 1.1974 1400 0.571 -0.46
16-Mar-05 2125.6 -0.16 2193 -0.8006 0.026 0.128 682.95 -0.11 0.0175 1414 0.982 -0.16
17-Mar-05 2098.5 -1.273 2181 -0.5472 1.62 0.696 679.45 -0.512 0.6522 1408 -0.456 0.58
18-Mar-05 2109.2 0.5075 2200 0.86424 0.258 0.439 686 0.964 0.4892 1400 -0.565 -0.29
21-Mar-05 2096.6 -0.595 2237 1.66367 0.354 -0.99 684.85 -0.168 0.0997 1427 1.993 -1.19
22-Mar-05 2061.6 -1.669 2224 -0.5723 2.787 0.955 676.2 -1.263 2.1085 1452 1.709 -2.85
23-Mar-05 2026.4 -1.707 2162 -2.7589 2.915 4.71 655.7 -3.032 5.1763 1443 -0.634 1.08
24-Mar-05 2015.4 -0.543 2159 -0.1526 0.295 0.083 645.4 -1.571 0.8527 1452 0.652 -0.35
28-Mar-05 2029.5 0.6971 2186 1.24589 0.486 0.869 643.2 -0.341 -0.2376 1461 0.613 0.43
29-Mar-05 1983.9 -2.247 2167 -0.8875 5.049 1.994 641.2 -0.311 0.6987 1469 0.53 -1.19
30-Mar-05 1993.7 0.4965 2170 0.17077 0.247 0.085 630.35 -1.692 -0.8402 1456 -0.834 -0.41
31-Mar-05 2035.7 2.1041 2257 4.00405 4.427 8.425 670.95 6.4409 13.552 1444 -0.886 -1.86
1-Apr-05 2067.7 1.572 2236 -0.9459 2.471 -1.49 672.65 0.2534 0.3983 1421 -1.545 -2.43
4-Apr-05 2063.4 -0.206 2229 -0.322 0.042 0.066 674.3 0.2453 -0.0504 1384 -2.596 0.53
5-Apr-05 2052.6 -0.526 2221 -0.3231 0.276 0.17 660.6 -2.032 1.0684 1392 0.582 -0.31
6-Apr-05 2069.3 0.8161 2236 0.66848 0.666 0.546 669.45 1.3397 1.0933 1371 -1.544 -1.26
7-Apr-05 2052.9 -0.795 2188 -2.1464 0.632 1.706 680.15 1.5983 -1.2706 1391 1.433 -1.14
8-Apr-05 2031.2 -1.055 2128 -2.7601 1.112 2.911 665.2 -2.198 2.3181 1432 2.984 -3.15
11-Apr-05 2008.2 -1.132 2078 -2.3544 1.282 2.666 652.55 -1.902 2.1533 1451 1.32 -1.49
12-Apr-05 2025 0.8341 2118 1.91308 0.696 1.596 645.8 -1.034 -0.8628 1428 -1.599 -1.33
13-Apr-05 2025.5 0.0247 2102 -0.758 6E-04 -0.02 645.45 -0.054 -0.0013 1425 -0.161 -0
15-Apr-05 1956.3 -3.414 1957 -6.8713 11.66 23.46 605.6 -6.174 21.078 1441 1.115 -3.81
18-Apr-05 1927.8 -1.457 1914 -2.2048 2.122 3.212 594.75 -1.792 2.6101 1425 -1.12 1.63
19-Apr-05 1909.4 -0.954 1913 -0.0705 0.911 0.067 576.95 -2.993 2.8565 1394 -2.221 2.12
20-Apr-05 1929.7 1.0632 1948 1.85088 1.13 1.968 594.95 3.1199 3.3169 1364 -2.149 -2.28
21-Apr-05 1948.6 0.9768 1945 -0.1643 0.954 -0.16 604.05 1.5295 1.4941 1382 1.349 1.32
22-Apr-05 1967.4 0.9648 1999 2.79977 0.931 2.701 643.95 6.6054 6.373 1402 1.418 1.37
25-Apr-05 1971 0.183 1988 -0.5427 0.033 -0.1 648.45 0.6988 0.1279 1319 -5.893 -1.08
26-Apr-05 1957.1 -0.703 1959 -1.4987 0.494 1.053 639.95 -1.311 0.9211 1319 -0.027 0.02
27-Apr-05 1935.4 -1.109 1914 -2.2695 1.229 2.516 635 -0.773 0.8576 1209 -8.338 9.25
28-Apr-05 1941.3 0.3048 1906 -0.4467 0.093 -0.14 643.35 1.315 0.4009 1116 -7.653 -2.33
29-Apr-05 1902.5 -1.999 1887 -0.9866 3.995 1.972 630.8 -1.951 3.8988 1142 2.347 -4.69
2-May-05 1916.8 0.749 1915 1.50254 0.561 1.125 638 1.1414 0.8549 1167 2.131 1.6
3-May-05 1920.7 0.2061 1901 -0.7153 0.042 -0.15 627.35 -1.669 -0.344 1157 -0.84 -0.17
4-May-05 1942.6 1.1402 1938 1.90118 1.3 2.168 630.95 0.5738 0.6543 1137 -1.75 -2
5-May-05 1963.3 1.0656 1995 2.97017 1.135 3.165 637.4 1.0223 1.0893 1116 -1.852 -1.97
6-May-05 1977.5 0.7233 2022 1.32321 0.523 0.957 636.15 -0.196 -0.1418 1115 -0.076 -0.06
9-May-05 2000.8 1.1757 2097 3.7125 1.382 4.365 646.25 1.5877 1.8667 1131 1.462 1.72
10-May-05 1994.3 -0.322 2059 -1.7838 0.104 0.575 647.8 0.2398 -0.0773 1129 -0.195 0.06
11-May-05 1986 -0.419 2066 0.3278 0.175 -0.14 637.8 -1.544 0.6463 1109 -1.798 0.75
12-May-05 1993.2 0.3625 2061 -0.2323 0.131 -0.08 643.25 0.8545 0.3098 1121 1.105 0.4
13-May-05 1988.3 -0.243 2033 -1.3706 0.059 0.334 636.2 -1.096 0.2667 1137 1.427 -0.35
16-May-05 2012.6 1.2221 2078 2.21359 1.494 2.705 659 3.5838 4.3799 1168 2.696 3.29
17-May-05 1990.8 -1.083 2064 -0.6714 1.173 0.727 657.45 -0.235 0.2548 1175 0.664 -0.72
18-May-05 1982.8 -0.404 2042 -1.0514 0.164 0.425 652.35 -0.776 0.3137 1153 -1.936 0.78
19-May-05 1990.9 0.4085 2097 2.66863 0.167 1.09 658.05 0.8738 0.357 1149 -0.295 -0.12
20-May-05 1992.4 0.0779 2141 2.08656 0.006 0.162 663.3 0.7978 0.0621 1147 -0.205 -0.02
23-May-05 2013.9 1.0791 2135 -0.278 1.164 -0.3 666.4 0.4674 0.5043 1149 0.161 0.17
24-May-05 2028.6 0.7299 2156 0.98147 0.533 0.716 682.45 2.4085 1.758 1154 0.496 0.36
25-May-05 2043.9 0.7517 2171 0.72837 0.565 0.548 687 0.6667 0.5012 1151 -0.325 -0.24
26-May-05 2074.7 1.5094 2205 1.56595 2.278 2.364 716.3 4.2649 6.4375 1143 -0.682 -1.03
27-May-05 2076.4 0.0819 2232 1.23118 0.007 0.101 724.15 1.0959 0.0898 1163 1.733 0.14
30-May-05 2072.4 -0.193 2228 -0.1949 0.037 0.038 707.45 -2.306 0.4443 1170 0.615 -0.12
31-May-05 2087.6 0.731 2250 1.00763 0.534 0.737 715.75 1.1732 0.8577 1224 4.63 3.38
1-Jun-05 2087.6 0 2222 -1.2642 0 0 711.25 -0.629 0 1235 0.903 0
2-Jun-05 2064.7 -1.097 2201 -0.9293 1.203 1.019 700.8 -1.469 1.6117 1261 2.081 -2.28
3-Jun-05 2094.3 1.4337 2256 2.47575 2.055 3.549 721.65 2.9752 4.2654 1290 2.34 3.36
4-Jun-05 2092.4 -0.091 2241 -0.6428 0.008 0.058 722.6 0.1316 -0.0119 1269 -1.616 0.15
6-Jun-05 2092.8 0.0215 2216 -1.1109 5E-04 -0.02 716.2 -0.886 -0.019 1319 3.932 0.08
7-Jun-05 2098.2 0.2556 2233 0.73992 0.065 0.189 731.55 2.1433 0.5479 1334 1.149 0.29
8-Jun-05 2112.4 0.6792 2296 2.83942 0.461 1.928 734.4 0.3896 0.2646 1305 -2.23 -1.51
9-Jun-05 2103.2 -0.436 2237 -2.5912 0.19 1.129 725.9 -1.157 0.5041 1269 -2.756 1.2
10-Jun-05 2090.6 -0.599 2212 -1.0953 0.359 0.656 723.8 -0.289 0.1733 1293 1.939 -1.16
13-Jun-05 2102.8 0.5812 2224 0.53339 0.338 0.31 721.9 -0.263 -0.1526 1282 -0.893 -0.52
14-Jun-05 2112.4 0.4565 2235 0.49909 0.208 0.228 723.25 0.187 0.0854 1280 -0.094 -0.04
15-Jun-05 2128.7 0.7717 2257 0.9619 0.595 0.742 733.55 1.4241 1.0989 1278 -0.215 -0.17
16-Jun-05 2123.7 -0.233 2280 1.05466 0.054 -0.25 734.55 0.1363 -0.0317 1292 1.131 -0.26
17-Jun-05 2123.4 -0.014 2288 0.33546 2E-04 -0 743.8 1.2593 -0.0178 1277 -1.145 0.02
20-Jun-05 2144.4 0.9866 2371 3.62746 0.973 3.579 756.55 1.7142 1.6912 1266 -0.873 -0.86
21-Jun-05 2170 1.1962 2394 0.94471 1.431 1.13 756.25 -0.04 -0.0474 1272 0.434 0.52
22-Jun-05 2187.4 0.7995 2389 -0.1859 0.639 -0.15 759.2 0.3901 0.3119 1266 -0.44 -0.35
23-Jun-05 2183.9 -0.16 2344 -1.8752 0.026 0.3 756.55 -0.349 0.0559 1272 0.482 -0.08
24-Jun-05 2194.4 0.4808 2313 -1.3309 0.231 -0.64 749.8 -0.892 -0.429 1278 0.436 0.21
27-Jun-05 2199.8 0.2484 2338 1.09596 0.062 0.272 754.4 0.6135 0.1524 1268 -0.787 -0.2
28-Jun-05 2169.9 -1.361 2293 -1.9543 1.854 2.661 740.65 -1.823 2.4815 1296 2.229 -3.03
29-Jun-05 2191.7 1.0047 2325 1.39355 1.009 1.4 753.65 1.7552 1.7634 1305 0.71 0.71
30-Jun-05 2220.6 1.3209 2358 1.44538 1.745 1.909 766.3 1.6785 2.2172 1333 2.165 2.86
1-Jul-05 2211.9 -0.392 2351 -0.3053 0.153 0.12 744.8 -2.806 1.0992 1307 -1.946 0.76
4-Jul-05 2230.7 0.8477 2394 1.83535 0.719 1.556 746.5 0.2282 0.1935 1326 1.404 1.19
5-Jul-05 2210.8 -0.892 2330 -2.6689 0.796 2.381 736.1 -1.393 1.2429 1316 -0.701 0.63
6-Jul-05 2228.2 0.7893 2346 0.65871 0.623 0.52 735.25 -0.115 -0.0911 1324 0.539 0.43
7-Jul-05 2179.4 -2.19 2320 -1.0978 4.797 2.404 710.5 -3.366 7.3723 1333 0.68 -1.49
8-Jul-05 2196.2 0.7709 2335 0.64873 0.594 0.5 722.9 1.7452 1.3453 1358 1.917 1.48
11-Jul-05 2218.9 1.0313 2316 -0.8201 1.064 -0.85 716.75 -0.851 -0.8774 1352 -0.42 -0.43
12-Jul-05 2220.8 0.0879 2221 -4.0828 0.008 -0.36 702.35 -2.009 -0.1766 1359 0.492 0.04
13-Jul-05 2204.1 -0.754 2205 -0.7136 0.569 0.538 709.2 0.9753 -0.7356 1320 -2.859 2.16
14-Jul-05 2185.1 -0.86 2136 -3.1536 0.739 2.711 696.25 -1.826 1.57 1323 0.22 -0.19
15-Jul-05 2212.6 1.2562 2196 2.81153 1.578 3.532 704.45 1.1777 1.4795 1310 -1.017 -1.28
18-Jul-05 2234 0.9695 2272 3.46555 0.94 3.36 711 0.9298 0.9014 1311 0.111 0.11
19-Jul-05 2237.3 0.1477 2256 -0.6866 0.022 -0.1 714.55 0.4993 0.0738 1326 1.14 0.17
20-Jul-05 2241.9 0.2056 2233 -1.0238 0.042 -0.21 717.3 0.3849 0.0791 1286 -3.028 -0.62
21-Jul-05 2230.5 -0.508 2209 -1.0881 0.259 0.553 711.6 -0.795 0.4041 1271 -1.178 0.6
22-Jul-05 2265.6 1.5736 2239 1.34676 2.476 2.119 715.3 0.52 0.8182 1225 -3.6 -5.67
25-Jul-05 2291.8 1.1542 2229 -0.44 1.332 -0.51 713.25 -0.287 -0.3308 1248 1.914 2.21
26-Jul-05 2303.2 0.4974 2226 -0.1122 0.247 -0.06 708.6 -0.652 -0.3243 1322 5.907 2.94
27-Jul-05 2319.1 0.6925 2231 0.18865 0.48 0.131 727.85 2.7166 1.8813 1319 -0.231 -0.16
29-Jul-05 2312.3 -0.293 2268 1.69685 0.086 -0.5 736.35 1.1678 -0.3424 1308 -0.826 0.24
1-Aug-05 2318.1 0.2487 2265 -0.1719 0.062 -0.04 723.75 -1.711 -0.4255 1290 -1.372 -0.34
2-Aug-05 2353.7 1.5358 2299 1.53011 2.359 2.35 724.2 0.0622 0.0955 1294 0.283 0.43
3-Aug-05 2357 0.1423 2356 2.4726 0.02 0.352 731.9 1.0632 0.1513 1284 -0.742 -0.11
4-Aug-05 2367.8 0.4582 2314 -1.806 0.21 -0.83 731.6 -0.041 -0.0188 1265 -1.487 -0.68
5-Aug-05 2361.2 -0.279 2292 -0.9509 0.078 0.265 721.75 -1.346 0.3753 1285 1.521 -0.42
8-Aug-05 2324.4 -1.559 2271 -0.9099 2.429 1.418 704.5 -2.39 3.7249 1269 -1.222 1.9
9-Aug-05 2318.7 -0.245 2264 -0.2885 0.06 0.071 716.05 1.6395 -0.402 1252 -1.308 0.32
10-Aug-05 2360.2 1.7876 2315 2.24813 3.196 4.019 727.65 1.62 2.896 1290 3.043 5.44
11-Aug-05 2380.9 0.8792 2293 -0.933 0.773 -0.82 732.95 0.7284 0.6404 1301 0.81 0.71
12-Aug-05 2361.6 -0.813 2261 -1.3931 0.661 1.132 714.8 -2.476 2.0125 1295 -0.423 0.34
16-Aug-05 2369.8 0.3493 2250 -0.5085 0.122 -0.18 720.5 0.7974 0.2786 1285 -0.76 -0.27
17-Aug-05 2403.2 1.4073 2318 3.02007 1.98 4.25 724.25 0.5205 0.7325 1283 -0.183 -0.26
18-Aug-05 2388.5 -0.612 2299 -0.8305 0.374 0.508 728.95 0.6489 -0.397 1284 0.105 -0.06
19-Aug-05 2383.5 -0.209 2301 0.11964 0.044 -0.03 720.05 -1.221 0.2556 1313 2.231 -0.47
22-Aug-05 2367.9 -0.655 2315 0.58877 0.428 -0.39 362.55 -49.65 32.496 1313 -0.015 0.01
23-Aug-05 2326.1 -1.763 2285 -1.2851 3.109 2.266 356.7 -1.614 2.8451 1283 -2.285 4.03
24-Aug-05 2322.5 -0.155 2264 -0.919 0.024 0.142 353.25 -0.967 0.1497 1269 -1.076 0.17
25-Aug-05 2354.6 1.38 2272 0.33566 1.904 0.463 367.45 4.0198 5.5473 1299 2.372 3.27
26-Aug-05 2357.1 0.1062 2269 -0.11 0.011 -0.01 359.55 -2.15 -0.2283 1314 1.12 0.12
29-Aug-05 2337.7 -0.823 2301 1.40572 0.677 -1.16 351.75 -2.169 1.7855 1325 0.887 -0.73
30-Aug-05 2367.8 1.2876 2347 1.98592 1.658 2.557 358.95 2.0469 2.6356 1318 -0.566 -0.73
31-Aug-05 2384.7 0.7138 2376 1.24419 0.509 0.888 364.65 1.588 1.1334 1316 -0.137 -0.1
1-Sep-05 2405.8 0.8848 2426 2.08535 0.783 1.845 372.2 2.0705 1.832 1296 -1.546 -1.37
2-Sep-05 2415.8 0.4177 2386 -1.647 0.175 -0.69 374.3 0.5642 0.2357 1324 2.157 0.9
5-Sep-05 2423 0.296 2355 -1.2973 0.088 -0.38 377.45 0.8416 0.2491 1365 3.105 0.92
6-Sep-05 2428.7 0.2353 2364 0.39282 0.055 0.092 378 0.1457 0.0343 1355 -0.689 -0.16
8-Sep-05 2454.5 1.0623 2422 2.47039 1.129 2.624 373.25 -1.257 -1.3349 1384 2.14 2.27
9-Sep-05 2455.5 0.0407 2417 -0.2147 0.002 -0.01 371.45 -0.482 -0.0196 1405 1.481 0.06
12-Sep-05 2484.2 1.1688 2423 0.23788 1.366 0.278 372.05 0.1615 0.1888 1424 1.381 1.61
13-Sep-05 2500.4 0.6521 2446 0.9637 0.425 0.628 372.95 0.2419 0.1578 1427 0.207 0.14
14-Sep-05 2492.5 -0.316 2446 -0.0245 0.1 0.008 380.2 1.944 -0.6142 1410 -1.188 0.38
15-Sep-05 2524 1.2638 2451 0.19831 1.597 0.251 382.5 0.6049 0.7645 1398 -0.837 -1.06
16-Sep-05 2552.4 1.1252 2447 -0.1469 1.266 -0.17 382.55 0.0131 0.0147 1406 0.547 0.62
19-Sep-05 2567.1 0.5779 2450 0.13691 0.334 0.079 379.9 -0.693 -0.4003 1392 -1.006 -0.58
20-Sep-05 2578 0.4246 2504 2.17524 0.18 0.924 376.35 -0.934 -0.3968 1430 2.748 1.17
21-Sep-05 2567.3 -0.415 2462 -1.6636 0.172 0.69 373.6 -0.731 0.3033 1422 -0.545 0.23
22-Sep-05 2476.5 -3.537 2413 -2.0086 12.51 7.104 356.05 -4.698 16.614 1400 -1.564 5.53
23-Sep-05 2477.8 0.0505 2399 -0.5782 0.003 -0.03 357.8 0.4915 0.0248 1450 3.553 0.18
26-Sep-05 2557.4 3.2126 2486 3.66054 10.32 11.76 373.75 4.4578 14.321 1458 0.531 1.71
27-Sep-05 2574.9 0.6843 2478 -0.3439 0.468 -0.24 376.2 0.6555 0.4486 1454 -0.237 -0.16
28-Sep-05 2598.1 0.901 2471 -0.2825 0.812 -0.25 372.25 -1.05 -0.9461 1470 1.121 1.01
29-Sep-05 2611.2 0.5061 2526 2.24219 0.256 1.135 375.95 0.994 0.5031 1454 -1.143 -0.58
30-Sep-05 2601.4 -0.375 2515 -0.4315 0.141 0.162 371.45 -1.197 0.4492 1401 -3.591 1.35
3-Oct-05 2630.1 1.1013 2553 1.50082 1.213 1.653 380.05 2.3153 2.5499 1412 0.785 0.86
4-Oct-05 2663.4 1.2661 2628 2.92983 1.603 3.71 401 5.5124 6.9795 1466 3.784 4.79
5-Oct-05 2644.4 -0.712 2640 0.46045 0.506 -0.33 404.4 0.8479 -0.6033 1462 -0.246 0.17
6-Oct-05 2579.2 -2.467 2609 -1.1686 6.088 2.883 390.35 -3.474 8.5727 1470 0.492 -1.21
7-Oct-05 2574.1 -0.198 2572 -1.4047 0.039 0.278 388.25 -0.538 0.1064 1473 0.228 -0.05
10-Oct-05 2566.9 -0.28 2622 1.93784 0.078 -0.54 394.4 1.584 -0.4431 1482 0.645 -0.18
11-Oct-05 2589.6 0.8844 2683 2.31095 0.782 2.044 399.05 1.179 1.0427 1498 1.049 0.93
13-Oct-05 2537.3 -2.018 2623 -2.2457 4.071 4.531 389.35 -2.431 4.9046 1490 -0.544 1.1
14-Oct-05 2484.4 -2.085 2602 -0.8064 4.347 1.681 385.95 -0.873 1.8206 1470 -1.326 2.76
17-Oct-05 2485.2 0.0302 2592 -0.3748 9E-04 -0.01 382.55 -0.881 -0.0266 1425 -3.085 -0.09
18-Oct-05 2468.2 -0.682 2531 -2.3613 0.465 1.611 373.3 -2.418 1.6492 1445 1.414 -0.96
19-Oct-05 2412.5 -2.259 2504 -1.061 5.102 2.397 368.3 -1.339 3.0254 1449 0.256 -0.58
20-Oct-05 2395.5 -0.705 2539 1.39394 0.497 -0.98 368.7 0.1086 -0.0765 1468 1.329 -0.94
21-Oct-05 2443.8 2.0163 2553 0.57512 4.066 1.16 385.45 4.543 9.1601 1441 -1.802 -3.63
24-Oct-05 2394.9 -2.001 2511 -1.6411 4.004 3.284 372.75 -3.295 6.5931 1424 -1.197 2.39
25-Oct-05 2418.2 0.975 2521 0.3982 0.951 0.388 377.2 1.1938 1.164 1434 0.709 0.69
26-Oct-05 2408.5 -0.401 2510 -0.4422 0.161 0.177 376.7 -0.133 0.0532 1441 0.474 -0.19
27-Oct-05 2352.9 -2.308 2466 -1.7489 5.329 4.037 373.6 -0.823 1.8997 1402 -2.731 6.3
28-Oct-05 2316.1 -1.566 2415 -2.0618 2.453 3.229 356.9 -4.47 7.0007 1416 1.052 -1.65
31-Oct-05 2371 2.3704 2522 4.41128 5.619 10.46 364.6 2.1575 5.1141 1428 0.84 1.99
1-Nov-05 2386.8 0.6664 2538 0.65029 0.444 0.433 364.5 -0.027 -0.0183 1408 -1.453 -0.97
2-Nov-05 2419.1 1.3533 2587 1.8969 1.831 2.567 369.65 1.4129 1.9121 1440 2.309 3.12
7-Nov-05 2461.6 1.759 2638 2.00464 3.094 3.526 377.15 2.0289 3.5688 1422 -1.233 -2.17
8-Nov-05 2492.7 1.2614 2644 0.20657 1.591 0.261 390.85 3.6325 4.582 1401 -1.473 -1.86
9-Nov-05 2489.1 -0.142 2609 -1.3106 0.02 0.187 384.5 -1.625 0.2314 1362 -2.794 0.4
10-Nov-05 2500.7 0.466 2654 1.71703 0.217 0.8 385.6 0.2861 0.1333 1401 2.87 1.34
11-Nov-05 2548.7 1.9175 2681 1.02112 3.677 1.958 404.15 4.8107 9.2243 1410 0.596 1.14
14-Nov-05 2558.7 0.3943 2653 -1.0574 0.155 -0.42 404.35 0.0495 0.0195 1429 1.376 0.54
16-Nov-05 2582.8 0.9399 2741 3.31737 0.883 3.118 409.05 1.1624 1.0925 1465 2.502 2.35
17-Nov-05 2604 0.8208 2707 -1.2278 0.674 -1.01 413.2 1.0145 0.8328 1477 0.836 0.69
18-Nov-05 2620.1 0.6183 2714 0.27151 0.382 0.168 423.95 2.6016 1.6086 1457 -1.368 -0.85
21-Nov-05 2602.5 -0.67 2677 -1.3778 0.449 0.923 421.2 -0.649 0.4345 1470 0.889 -0.6
22-Nov-05 2572.9 -1.139 2677 -0.0168 1.298 0.019 417.45 -0.89 1.0143 1483 0.878 -1
23-Nov-05 2608.6 1.3895 2683 0.24659 1.931 0.343 431.4 3.3417 4.6433 1510 1.865 2.59
24-Nov-05 2635 1.012 2701 0.6634 1.024 0.671 438.55 1.6574 1.6773 1512 0.093 0.09
25-Nov-05 2664.3 1.112 2741 1.4643 1.236 1.628 439.55 0.228 0.2536 1508 -0.268 -0.3
26-Nov-05 2683.5 0.7188 2745 0.16238 0.517 0.117 437.55 -0.455 -0.327 1527 1.28 0.92
28-Nov-05 2712 1.0639 2758 0.48999 1.132 0.521 445.2 1.7484 1.8601 1519 -0.544 -0.58
29-Nov-05 2698.3 -0.505 2736 -0.8121 0.255 0.41 443.95 -0.281 0.1418 1500 -1.238 0.63
30-Nov-05 2652.3 -1.707 2684 -1.8841 2.913 3.216 423.25 -4.663 7.9575 1517 1.12 -1.91
1-Dec-05 2699 1.7608 2768 3.10864 3.1 5.474 432.9 2.28 4.0145 1524 0.501 0.88
2-Dec-05 2698 -0.037 2841 2.64822 0.001 -0.1 431.7 -0.277 0.0103 1534 0.62 -0.02
5-Dec-05 2660.5 -1.388 2787 -1.8936 1.927 2.628 422.75 -2.073 2.8778 1539 0.336 -0.47
6-Dec-05 2662.3 0.0677 2794 0.23499 0.005 0.016 427.8 1.1946 0.0808 1548 0.572 0.04
7-Dec-05 2693 1.1531 2802 0.28275 1.33 0.326 436.4 2.0103 2.3181 1545 -0.149 -0.17
8-Dec-05 2706.7 0.5087 2821 0.69418 0.259 0.353 435.4 -0.229 -0.1166 1521 -1.569 -0.8
9-Dec-05 2756.5 1.838 2874 1.85198 3.378 3.404 441.45 1.3895 2.554 1550 1.907 3.5
12-Dec-05 2776.2 0.7165 2926 1.82701 0.513 1.309 436.85 -1.042 -0.7466 1550 -0.006 -0
13-Dec-05 2812.3 1.3003 2947 0.71427 1.691 0.929 448.85 2.7469 3.5719 1531 -1.203 -1.56
14-Dec-05 2804.6 -0.276 2886 -2.0835 0.076 0.574 445.15 -0.824 0.2272 1554 1.479 -0.41
15-Dec-05 2778.6 -0.927 2918 1.11244 0.859 -1.03 438.4 -1.516 1.4057 1596 2.674 -2.48
16-Dec-05 2810.2 1.1373 2982 2.21582 1.293 2.52 441.75 0.7641 0.869 1617 1.316 1.5
19-Dec-05 2842.6 1.1547 3024 1.38987 1.333 1.605 456 3.2258 3.725 1683 4.092 4.73
20-Dec-05 2826.2 -0.577 2970 -1.771 0.333 1.022 464.75 1.9189 -1.1071 1650 -1.931 1.11
21-Dec-05 2822.9 -0.117 2974 0.13299 0.014 -0.02 458.4 -1.366 0.1595 1668 1.054 -0.12
22-Dec-05 2835.3 0.4375 2983 0.29084 0.191 0.127 462.45 0.8835 0.3865 1684 0.977 0.43
23-Dec-05 2804.9 -1.072 2981 -0.0553 1.15 0.059 465.45 0.6487 -0.6956 1683 -0.065 0.07
26-Dec-05 2749.6 -1.97 2951 -1.0147 3.88 1.999 453.75 -2.514 4.9515 1714 1.878 -3.7
27-Dec-05 2805.9 2.0476 2994 1.47413 4.193 3.018 462.25 1.8733 3.8357 1735 1.175 2.41
28-Dec-05 2794.1 -0.422 2989 -0.192 0.178 0.081 456.4 -1.266 0.5345 1694 -2.367 1
29-Dec-05 2822 0.9986 2987 -0.0402 0.997 -0.04 463.3 1.5118 1.5096 1686 -0.437 -0.44
30-Dec-05 2836.6 0.5174 2997 0.31465 0.268 0.163 463.35 0.0108 0.0056 1685 -0.083 -0.04
2-Jan-06 2836 -0.021 2979 -0.5839 4E-04 0.012 461.7 -0.356 0.0075 1672 -0.769 0.02
3-Jan-06 2883.4 1.6714 3007 0.9247 2.794 1.546 473 2.4475 4.0907 1663 -0.529 -0.88
4-Jan-06 2904.4 0.7301 3055 1.60963 0.533 1.175 481.1 1.7125 1.2502 1698 2.12 1.55
5-Jan-06 2899.9 -0.157 3055 -0.0131 0.025 0.002 474.05 -1.465 0.2296 1686 -0.736 0.12
6-Jan-06 2914 0.488 3053 -0.0556 0.238 -0.03 472.7 -0.285 -0.139 1710 1.448 0.71
9-Jan-06 2910.1 -0.134 3036 -0.5683 0.018 0.076 460.95 -2.486 0.3327 1703 -0.421 0.06
10-Jan-06 2870.8 -1.35 2975 -1.9994 1.824 2.7 459.65 -0.282 0.3809 1688 -0.896 1.21
12-Jan-06 2850.7 -0.7 2838 -4.6166 0.49 3.232 461.35 0.3698 -0.2589 1733 2.702 -1.89
13-Jan-06 2850.6 -0.005 2845 0.23962 ##### -0 460.05 -0.282 0.0015 1743 0.571 -0
16-Jan-06 2833.1 -0.612 2780 -2.2622 0.375 1.385 460 -0.011 0.0067 1732 -0.617 0.38
17-Jan-06 2829.1 -0.141 2762 -0.6492 0.02 0.092 448.35 -2.533 0.3576 1706 -1.544 0.22
18-Jan-06 2809.2 -0.703 2740 -0.8073 0.495 0.568 461.05 2.8326 -1.9925 1689 -0.976 0.69
19-Jan-06 2870.9 2.1946 2821 2.95631 4.816 6.488 498.05 8.0252 17.612 1673 -0.974 -2.14
20-Jan-06 2901 1.0485 2814 -0.2588 1.099 -0.27 498.75 0.1405 0.1474 1674 0.072 0.08
23-Jan-06 2884.1 -0.583 2745 -2.4506 0.339 1.428 492.3 -1.293 0.7534 1652 -1.311 0.76
24-Jan-06 2908 0.8304 2822 2.81639 0.69 2.339 493.85 0.3148 0.2615 1609 -2.603 -2.16
25-Jan-06 2940.4 1.1124 2828 0.20908 1.238 0.233 508.2 2.9057 3.2325 1623 0.911 1.01
27-Jan-06 2982.8 1.442 2903 2.65396 2.079 3.827 505.15 -0.6 -0.8654 1620 -0.237 -0.34
30-Jan-06 2974.5 -0.277 2863 -1.3797 0.077 0.382 522.4 3.4148 -0.9445 1650 1.902 -0.53
31-Jan-06 3001.1 0.8943 2880 0.60953 0.8 0.545 529.7 1.3974 1.2496 1644 -0.385 -0.34
1-Feb-06 2971.6 -0.985 2876 -0.1476 0.97 0.145 522.25 -1.406 1.3849 1622 -1.329 1.31
2-Feb-06 2967.5 -0.138 2828 -1.6672 0.019 0.23 527.45 0.9957 -0.1374 1643 1.261 -0.17
3-Feb-06 2940.6 -0.905 2787 -1.4603 0.819 1.321 516 -2.171 1.9642 1651 0.524 -0.47
6-Feb-06 3000.5 2.0353 2843 1.99871 4.142 4.068 514.5 -0.291 -0.5917 1659 0.481 0.98
7-Feb-06 3020.1 0.6549 2873 1.05893 0.429 0.693 520.35 1.137 0.7446 1659 -0.015 -0.01
8-Feb-06 3009 -0.369 2903 1.04609 0.136 -0.39 507.55 -2.46 0.9082 1670 0.693 -0.26
10-Feb-06 3027.6 0.6182 2864 -1.3195 0.382 -0.82 512.35 0.9457 0.5846 1667 -0.224 -0.14
13-Feb-06 3041.2 0.4492 2862 -0.0803 0.202 -0.04 505.6 -1.317 -0.5918 1637 -1.791 -0.8
14-Feb-06 3017.6 -0.776 2822 -1.4028 0.602 1.089 491.2 -2.848 2.2102 1631 -0.367 0.28
15-Feb-06 3022.2 0.1541 2776 -1.6212 0.024 -0.25 495.5 0.8754 0.1349 1679 2.959 0.46
16-Feb-06 3021.6 -0.02 2781 0.1783 4E-04 -0 490.15 -1.08 0.0214 1674 -0.295 0.01
17-Feb-06 2981.5 -1.327 2785 0.15641 1.761 -0.21 499.1 1.826 -2.4233 1663 -0.693 0.92
20-Feb-06 3005.9 0.8167 2828 1.54194 0.667 1.259 510.9 2.3643 1.9309 1670 0.427 0.35
21-Feb-06 3035.5 0.9864 2818 -0.3818 0.973 -0.38 512.85 0.3817 0.3765 1651 -1.114 -1.1
22-Feb-06 3050.8 0.504 2801 -0.6069 0.254 -0.31 516.35 0.6825 0.344 1619 -1.965 -0.99
23-Feb-06 3062.1 0.3704 2795 -0.2125 0.137 -0.08 522.4 1.1717 0.434 1619 0.049 0.02
24-Feb-06 3050.1 -0.394 2758 -1.324 0.155 0.521 516.5 -1.129 0.4444 1629 0.605 -0.24
27-Feb-06 3067.5 0.5705 2851 3.37256 0.325 1.924 520.2 0.7164 0.4087 1625 -0.255 -0.15
28-Feb-06 3074.7 0.2364 2829 -0.7577 0.056 -0.18 520.45 0.0481 0.0114 1650 1.529 0.36
1-Mar-06 3123.1 1.5741 2905 2.69358 2.478 4.24 528.4 1.5275 2.4045 1666 0.979 1.54
2-Mar-06 3150.7 0.8837 2854 -1.7503 0.781 -1.55 530.55 0.4069 0.3596 1662 -0.249 -0.22
3-Mar-06 3147.4 -0.106 2824 -1.0493 0.011 0.112 529.7 -0.16 0.017 1671 0.524 -0.06
6-Mar-06 3190.4 1.3678 2855 1.08521 1.871 1.484 528.65 -0.198 -0.2711 1670 -0.03 -0.04
7-Mar-06 3182.8 -0.238 2820 -1.2434 0.057 0.296 522.9 -1.088 0.2591 1690 1.216 -0.29
8-Mar-06 3116.7 -2.077 2801 -0.6508 4.313 1.352 507.4 -2.964 6.1561 1701 0.618 -1.28
9-Mar-06 3129.1 0.3979 2843 1.49403 0.158 0.594 511.45 0.7982 0.3176 1740 2.317 0.92
10-Mar-06 3183.9 1.7513 2914 2.47977 3.067 4.343 520.4 1.7499 3.0647 1742 0.092 0.16
13-Mar-06 3202.7 0.5889 2935 0.74481 0.347 0.439 532.4 2.3059 1.358 1706 -2.07 -1.22
14-Mar-06 3195.4 -0.228 2932 -0.0937 0.052 0.021 521.65 -2.019 0.4602 1744 2.26 -0.52
16-Mar-06 3226.6 0.978 2922 -0.3632 0.956 -0.36 517.4 -0.815 -0.7968 1725 -1.124 -1.1
17-Mar-06 3234.1 0.2309 2878 -1.5008 0.053 -0.35 520.4 0.5798 0.1339 1723 -0.125 -0.03
20-Mar-06 3265.7 0.9771 2967 3.09074 0.955 3.02 544.3 4.5926 4.4875 1725 0.134 0.13
21-Mar-06 3262.3 -0.103 2960 -0.241 0.011 0.025 532.2 -2.223 0.228 1764 2.249 -0.23
22-Mar-06 3240.2 -0.679 2920 -1.343 0.461 0.912 522.4 -1.841 1.2503 1829 3.683 -2.5
23-Mar-06 3247.2 0.216 2890 -1.012 0.047 -0.22 522.85 0.0861 0.0186 1803 -1.392 -0.3
24-Mar-06 3279.8 1.0055 2896 0.20412 1.011 0.205 531.35 1.6257 1.6346 1835 1.789 1.8
27-Mar-06 3321.7 1.276 2879 -0.5887 1.628 -0.75 520.15 -2.108 -2.6896 1861 1.395 1.78
28-Mar-06 3325 0.1009 2960 2.80276 0.01 0.283 529.05 1.711 0.1726 1908 2.526 0.25
29-Mar-06 3354.2 0.8782 3037 2.58615 0.771 2.271 542.7 2.5801 2.2658 1915 0.377 0.33
30-Mar-06 3419 1.9304 3043 0.21241 3.727 0.41 569.85 5.0028 9.6574 1893 -1.141 -2.2
31-Mar-06 3402.6 -0.48 2981 -2.0243 0.23 0.971 559.7 -1.781 0.8544 1874 -1.011 0.49
3-Apr-06 3473.3 2.0793 3142 5.39176 4.324 11.21 560 0.0536 0.1115 1891 0.92 1.91
4-Apr-06 3483.2 0.2836 3153 0.33576 0.08 0.095 559.7 -0.054 -0.0152 1891 -0.026 -0.01
5-Apr-06 3510.9 0.7967 3115 -1.2037 0.635 -0.96 558.2 -0.268 -0.2135 1888 -0.177 -0.14
7-Apr-06 3454.8 -1.598 3167 1.6775 2.553 -2.68 540.75 -3.126 4.9952 1898 0.559 -0.89
10-Apr-06 3478.5 0.6846 3189 0.70414 0.469 0.482 536.7 -0.749 -0.5127 1968 3.685 2.52
12-Apr-06 3380 -2.83 3076 -3.5635 8.011 10.09 517.05 -3.661 10.362 1916 -2.673 7.56
13-Apr-06 3345.5 -1.021 3019 -1.8468 1.042 1.885 515.35 -0.329 0.3356 1951 1.84 -1.88
17-Apr-06 3425.2 2.3808 3230 6.99273 5.668 16.65 541.05 4.9869 11.873 1949 -0.113 -0.27
18-Apr-06 3518.1 2.7137 3336 3.28333 7.364 8.91 570.9 5.5171 14.972 1932 -0.847 -2.3
19-Apr-06 3535.9 0.5045 3279 -1.7146 0.255 -0.87 560.2 -1.874 -0.9456 1889 -2.215 -1.12
20-Apr-06 3573.5 1.0648 3277 -0.0671 1.134 -0.07 554.1 -1.089 -1.1595 1894 0.257 0.27
21-Apr-06 3573.1 -0.013 3302 0.76604 2E-04 -0.01 548.9 -0.938 0.0118 1781 -5.982 0.08
24-Apr-06 3548.9 -0.676 3205 -2.9349 0.457 1.984 532.4 -3.006 2.0317 1797 0.918 -0.62
25-Apr-06 3462.7 -2.43 3142 -1.9642 5.907 4.774 526.95 -1.024 2.4878 1907 6.087 -14.8
26-Apr-06 3555.8 2.6887 3225 2.64494 7.229 7.111 548.9 4.1655 11.2 2010 5.4 14.5
27-Apr-06 3508.1 -1.34 3133 -2.8605 1.796 3.833 547.25 -0.301 0.4028 2013 0.162 -0.22
28-Apr-06 3508.4 0.0071 3140 0.22185 ##### 0.002 537.15 -1.846 -0.0132 1990 -1.135 -0.01
29-Apr-06 3557.6 1.4038 3177 1.20077 1.971 1.686 538.55 0.2606 0.3659 1999 0.46 0.65
2-May-06 3605.5 1.345 3164 -0.4123 1.809 -0.55 539.3 0.1393 0.1873 1979 -0.99 -1.33
3-May-06 3634.3 0.7988 3171 0.22596 0.638 0.18 539.2 -0.019 -0.0148 1927 -2.642 -2.11
4-May-06 3648.4 0.3894 3211 1.25812 0.152 0.49 540.85 0.306 0.1191 1942 0.799 0.31
5-May-06 3664 0.4262 3212 0.02491 0.182 0.011 539.45 -0.259 -0.1103 1946 0.18 0.08
8-May-06 3693.2 0.797 3228 0.50279 0.635 0.401 538.5 -0.176 -0.1403 1978 1.655 1.32
9-May-06 3720.6 0.7419 3237 0.27569 0.55 0.205 538.7 0.0371 0.0276 1979 0.066 0.05
10-May-06 3754.3 0.9058 3256 0.59003 0.82 0.534 542.6 0.724 0.6558 2013 1.708 1.55
11-May-06 3701.1 -1.417 3256 -0.0061 2.008 0.009 544.85 0.4147 -0.5876 2032 0.914 -1.3
12-May-06 3650.1 -1.378 3242 -0.4223 1.899 0.582 544.55 -0.055 0.0759 2044 0.598 -0.82
15-May-06 3503 -4.03 3151 -2.8128 16.24 11.34 534.6 -1.827 7.3638 2007 -1.813 7.31
16-May-06 3523.3 0.5809 3150 -0.0333 0.337 -0.02 534.15 -0.084 -0.0489 2019 0.638 0.37
17-May-06 3635.1 3.1732 3208 1.846 10.07 5.858 543.95 1.8347 5.8218 2025 0.267 0.85
18-May-06 3388.9 -6.773 3034 -5.4314 45.87 36.79 507.55 -6.692 45.323 2022 -0.156 1.05
19-May-06 3246.9 -4.19 2974 -1.9611 17.56 8.217 487.7 -3.911 16.387 2019 -0.148 0.62
22-May-06 3081.4 -5.099 2824 -5.0682 26 25.84 441.8 -9.412 47.987 1996 -1.117 5.7
23-May-06 3199.4 3.8295 2911 3.07929 14.66 11.79 474.15 7.3223 28.041 1961 -1.766 -6.76
24-May-06 3115.6 -2.619 2861 -1.7075 6.861 4.472 454.4 -4.165 10.91 1975 0.704 -1.84
25-May-06 3177.7 1.9948 2829 -1.1325 3.979 -2.26 486.25 7.0092 13.982 2017 2.119 4.23
26-May-06 3209.6 1.0039 2934 3.7369 1.008 3.751 475 -2.314 -2.3226 1926 -4.508 -4.53
29-May-06 3214.9 0.1651 2968 1.13998 0.027 0.188 470.65 -0.916 -0.1512 1892 -1.729 -0.29
30-May-06 3185.3 -0.921 3027 1.98133 0.848 -1.82 471.1 0.0956 -0.088 1781 -5.911 5.44
31-May-06 3071.1 -3.587 2910 -3.8543 12.87 13.82 449.7 -4.543 16.293 1830 2.791 -10
1-Jun-06 2962.3 -3.543 2830 -2.7493 12.55 9.74 444.7 -1.112 3.939 1791 -2.161 7.66
2-Jun-06 3091.4 4.3582 2886 1.9842 18.99 8.648 469.9 5.6667 24.697 1877 4.819 21
5-Jun-06 3016.7 -2.416 2824 -2.1396 5.839 5.17 457.5 -2.639 6.3766 1866 -0.565 1.36
6-Jun-06 2937.3 -2.63 2765 -2.0837 6.919 5.481 445.2 -2.689 7.0719 1851 -0.847 2.23
7-Jun-06 2860.5 -2.616 2763 -0.0777 6.845 0.203 445.35 0.0337 -0.0882 1860 0.53 -1.39
8-Jun-06 2724.4 -4.758 2704 -2.1515 22.64 10.24 419.55 -5.793 27.564 1783 -4.163 19.8
9-Jun-06 2866.3 5.2104 2795 3.36009 27.15 17.51 434.9 3.6587 19.063 1709 -4.125 -21.5
12-Jun-06 2776.9 -3.121 2763 -1.1254 9.739 3.512 422.3 -2.897 9.0415 1794 4.952 -15.5
13-Jun-06 2663.3 -4.089 2639 -4.4912 16.72 18.37 395.3 -6.394 26.144 1768 -1.472 6.02
14-Jun-06 2632.8 -1.145 2485 -5.8315 1.311 6.678 389.5 -1.467 1.6803 1749 -1.058 1.21
15-Jun-06 2798.8 6.3051 2727 9.73161 39.75 61.36 420 7.8306 49.372 1704 -2.57 -16.2
16-Jun-06 2890.4 3.271 2801 2.71722 10.7 8.888 440.5 4.881 15.966 1648 -3.289 -10.8
19-Jun-06 2916.9 0.9186 2871 2.50076 0.844 2.297 435.85 -1.056 -0.9697 1671 1.411 1.3
20-Jun-06 2861.3 -1.906 2844 -0.9473 3.633 1.806 421.9 -3.201 6.1009 1639 -1.939 3.7
21-Jun-06 2923.5 2.1721 2923 2.78657 4.718 6.053 438.9 4.0294 8.7522 1570 -4.174 -9.07
22-Jun-06 2994.8 2.4389 2952 0.97836 5.948 2.386 450.45 2.6316 6.4182 1484 -5.521 -13.5
23-Jun-06 3042.7 1.6011 2992 1.34492 2.564 2.153 469.6 4.2513 6.8069 1551 4.509 7.22
25-Jun-06 3050.3 0.2498 2990 -0.0635 0.062 -0.02 475.35 1.2244 0.3058 1685 8.671 2.17
26-Jun-06 2943.2 -3.511 2900 -2.992 12.33 10.51 463.9 -2.409 8.4574 1668 -0.988 3.47
27-Jun-06 2982.5 1.3336 2967 2.31881 1.778 3.092 473.9 2.1556 2.8747 1607 -3.656 -4.88
28-Jun-06 2981.1 -0.045 2975 0.23758 0.002 -0.01 484.15 2.1629 -0.0979 1641 2.112 -0.1
29-Jun-06 2997.9 0.5636 2994 0.64381 0.318 0.363 496.7 2.5922 1.4608 1677 2.16 1.22
30-Jun-06 3128.2 4.3464 3079 2.84936 18.89 12.38 513.35 3.3521 14.57 1695 1.079 4.69
3-Jul-06 3151 0.7273 3154 2.44889 0.529 1.781 502.5 -2.114 -1.5371 1700 0.325 0.24
4-Jul-06 3138.7 -0.39 3150 -0.149 0.152 0.058 500.65 -0.368 0.1437 1634 -3.932 1.53
5-Jul-06 3197.1 1.8623 3194 1.41127 3.468 2.628 496.85 -0.759 -1.4135 1645 0.676 1.26
6-Jul-06 3156.4 -1.273 3164 -0.9471 1.621 1.206 491.1 -1.157 1.4733 1699 3.287 -4.18
7-Jul-06 3075.9 -2.552 3105 -1.8601 6.512 4.747 468.85 -4.531 11.562 1681 -1.048 2.67
10-Jul-06 3142 2.1506 3188 2.67472 4.625 5.752 493.85 5.3322 11.468 1739 3.448 7.41
11-Jul-06 3116.2 -0.823 3148 -1.25 0.677 1.028 495.5 0.3341 -0.2749 1800 3.534 -2.91
12-Jul-06 3195.9 2.5592 3386 7.54241 6.55 19.3 516.4 4.218 10.795 1815 0.828 2.12
13-Jul-06 3169.3 -0.832 1682 -50.321 0.693 41.88 502.6 -2.672 2.2242 1843 1.515 -1.26
14-Jul-06 3123.4 -1.45 1649 -1.9739 2.102 2.862 489.1 -2.686 3.8943 1804 -2.079 3.01
17-Jul-06 3007.6 -3.708 1605 -2.6384 13.75 9.782 478.7 -2.126 7.8836 1747 -3.192 11.8
18-Jul-06 2993.7 -0.462 1630 1.51378 0.214 -0.7 485.25 1.3683 -0.6324 1798 2.957 -1.37
19-Jul-06 2932.8 -2.034 1605 -1.5342 4.138 3.121 458.35 -5.544 11.277 1770 -1.579 3.21
20-Jul-06 3023.1 3.079 1648 2.69858 9.48 8.309 469.95 2.5308 7.7924 1890 6.8 20.9
21-Jul-06 2945 -2.582 1602 -2.7763 6.666 7.168 449 -4.458 11.51 1867 -1.214 3.13
24-Jul-06 2985.9 1.3871 1611 0.57425 1.924 0.797 468.95 4.4432 6.1632 1874 0.372 0.52
25-Jul-06 3040.5 1.8303 1611 -0.0372 3.35 -0.07 469.8 0.1813 0.3318 1859 -0.816 -1.49
26-Jul-06 3110.2 2.2907 1646 2.21643 5.247 5.077 476.35 1.3942 3.1938 1835 -1.318 -3.02
27-Jul-06 3156.2 1.479 1658 0.72583 2.188 1.074 493.75 3.6528 5.4026 1758 -4.195 -6.2
28-Jul-06 3130.8 -0.803 1630 -1.6975 0.645 1.363 483.1 -2.157 1.7325 1806 2.765 -2.22
31-Jul-06 3143.2 0.3961 1656 1.55502 0.157 0.616 490.8 1.5939 0.6313 1768 -2.137 -0.85
1-Aug-06 3147.8 0.1463 1658 0.14799 0.021 0.022 495.15 0.8863 0.1297 1818 2.857 0.42
2-Aug-06 3182.1 1.0896 1667 0.52171 1.187 0.568 502.6 1.5046 1.6395 1847 1.609 1.75
3-Aug-06 3190 0.2483 1673 0.378 0.062 0.094 508.3 1.1341 0.2816 1889 2.247 0.56
4-Aug-06 3176.8 -0.415 1681 0.46026 0.173 -0.19 507.85 -0.089 0.0368 1900 0.577 -0.24
7-Aug-06 3151.1 -0.807 1674 -0.4195 0.652 0.339 494.05 -2.717 2.1941 928.5 -51.13 41.3
8-Aug-06 3212.4 1.9454 1684 0.63635 3.784 1.238 502.05 1.6193 3.15 936.2 0.829 1.61
9-Aug-06 3254.6 1.3137 1702 1.05685 1.726 1.388 506.1 0.8067 1.0597 932 -0.443 -0.58
10-Aug-06 3260.1 0.169 1709 0.38483 0.029 0.065 515.35 1.8277 0.3089 940.2 0.88 0.15
11-Aug-06 3274.4 0.4371 1742 1.96652 0.191 0.86 504.95 -2.018 -0.8821 944.7 0.479 0.21
14-Aug-06 3313.1 1.1834 1756 0.7634 1.401 0.903 510.15 1.0298 1.2187 948.6 0.408 0.48
16-Aug-06 3356.1 1.2964 1752 -0.1823 1.681 -0.24 514.7 0.8919 1.1562 936.1 -1.313 -1.7
17-Aug-06 3353.9 -0.064 1758 0.30246 0.004 -0.02 511.25 -0.67 0.0429 954.8 1.998 -0.13
18-Aug-06 3356.8 0.085 1762 0.25034 0.007 0.021 512.2 0.1858 0.0158 966.1 1.183 0.1
21-Aug-06 3366 0.2756 1798 2.04881 0.076 0.565 510.75 -0.283 -0.078 965.8 -0.036 -0.01
22-Aug-06 3364.6 -0.042 1781 -0.9427 0.002 0.039 512.15 0.2741 -0.0114 967.6 0.192 -0.01
23-Aug-06 3335.8 -0.856 1768 -0.7439 0.733 0.637 511 -0.225 0.1922 964.7 -0.305 0.26
24-Aug-06 3370.4 1.0372 1767 -0.0566 1.076 -0.06 515.4 0.8611 0.8931 972.2 0.783 0.81
25-Aug-06 3386 0.4614 1767 -0.0113 0.213 -0.01 510.75 -0.902 -0.4163 960.2 -1.239 -0.57
28-Aug-06 3401.1 0.4474 1773 0.34245 0.2 0.153 513.25 0.4895 0.219 969.7 0.995 0.45
29-Aug-06 3425.7 0.7233 1806 1.86434 0.523 1.348 525.6 2.4062 1.7404 969.3 -0.041 -0.03
30-Aug-06 3430.4 0.1357 1801 -0.2547 0.018 -0.03 526.35 0.1427 0.0194 975.4 0.629 0.09
31-Aug-06 3413.9 -0.48 1806 0.2887 0.23 -0.14 518.65 -1.463 0.7015 963.1 -1.261 0.6
1-Sep-06 3435.5 0.6312 1811 0.22697 0.398 0.143 518.3 -0.067 -0.0426 970.4 0.758 0.48
4-Sep-06 3476.9 1.2051 1848 2.05468 1.452 2.476 522.75 0.8586 1.0347 974.4 0.412 0.5
5-Sep-06 3473.8 -0.089 1835 -0.69 0.008 0.062 515.6 -1.368 0.122 981.1 0.688 -0.06
6-Sep-06 3477.3 0.1008 1835 -0.0027 0.01 -0 522.6 1.3576 0.1368 990.1 0.917 0.09
7-Sep-06 3454.6 -0.653 1807 -1.526 0.426 0.996 512.1 -2.009 1.3116 983.8 -0.636 0.42
8-Sep-06 3471.5 0.4892 1789 -0.9685 0.239 -0.47 509.2 -0.566 -0.277 998.1 1.448 0.71
11-Sep-06 3366.2 -3.033 1734 -3.1212 9.201 9.467 499.65 -1.875 5.689 999.3 0.12 -0.36
12-Sep-06 3389.9 0.7056 1772 2.19203 0.498 1.547 503.5 0.7705 0.5437 1017 1.791 1.26
13-Sep-06 3454.6 1.9071 1809 2.13937 3.637 4.08 513.45 1.9762 3.7688 1006 -1.116 -2.13
14-Sep-06 3471.6 0.4936 1831 1.20755 0.244 0.596 512.3 -0.224 -0.1105 993.6 -1.213 -0.6
15-Sep-06 3478.6 0.2016 1811 -1.1276 0.041 -0.23 508.9 -0.664 -0.1338 986.7 -0.694 -0.14
18-Sep-06 3492.8 0.4068 1817 0.37003 0.165 0.151 513.8 0.9629 0.3917 991 0.436 0.18
19-Sep-06 3457.4 -1.014 1816 -0.0523 1.027 0.053 512.75 -0.204 0.2071 953.5 -3.789 3.84
20-Sep-06 3502.8 1.3146 1830 0.77351 1.728 1.017 517.6 0.9459 1.2434 977.9 2.564 3.37
21-Sep-06 3553.1 1.4346 1838 0.41793 2.058 0.6 523.6 1.1592 1.6629 1000 2.255 3.23
22-Sep-06 3544.1 -0.253 1830 -0.4407 0.064 0.112 519.25 -0.831 0.2104 1013 1.345 -0.34
25-Sep-06 3523.5 -0.581 1817 -0.735 0.338 0.427 510 -1.781 1.0355 1003 -1.056 0.61
26-Sep-06 3571.8 1.3708 1840 1.28265 1.879 1.758 526.35 3.2059 4.3947 996.2 -0.653 -0.9
27-Sep-06 3579.3 0.2114 1838 -0.1169 0.045 -0.02 520.6 -1.092 -0.2309 1010 1.395 0.29
28-Sep-06 3571.8 -0.211 1858 1.1128 0.044 -0.23 521.8 0.2305 -0.0486 1030 1.98 -0.42
29-Sep-06 3588.4 0.4662 1850 -0.4574 0.217 -0.21 524.9 0.5941 0.2769 1053 2.228 1.04
3-Oct-06 3569.6 -0.524 1818 -1.7003 0.274 0.891 519.6 -1.01 0.529 1040 -1.277 0.67
4-Oct-06 3515.4 -1.52 1800 -1.0037 2.31 1.525 506.85 -2.454 3.7292 1026 -1.342 2.04
5-Oct-06 3564.9 1.4095 1865 3.6251 1.987 5.11 520.85 2.7622 3.8934 1044 1.823 2.57
6-Oct-06 3569.7 0.1346 1874 0.44767 0.018 0.06 514.3 -1.258 -0.1693 1043 -0.158 -0.02
9-Oct-06 3567.2 -0.071 1896 1.20627 0.005 -0.09 515.65 0.2625 -0.0188 1020 -2.129 0.15
10-Oct-06 3571.1 0.1093 1906 0.53002 0.012 0.058 519.8 0.8048 0.088 1022 0.157 0.02
11-Oct-06 3558.6 -0.35 1980 3.87158 0.123 -1.36 528.85 1.7411 -0.6094 1014 -0.758 0.27
12-Oct-06 3621.1 1.7563 2020 2.02273 3.085 3.553 545.25 3.1011 5.4465 987.4 -2.652 -4.66
13-Oct-06 3676.1 1.5189 2089 3.41576 2.307 5.188 557.55 2.2558 3.4264 999.8 1.251 1.9
16-Oct-06 3724 1.303 2100 0.53852 1.698 0.702 570.6 2.3406 3.0499 994.2 -0.555 -0.72
17-Oct-06 3715 -0.24 2071 -1.4093 0.058 0.339 575.15 0.7974 -0.1916 1002 0.8 -0.19
18-Oct-06 3710.7 -0.117 2073 0.12556 0.014 -0.01 557.55 -3.06 0.3583 1012 0.933 -0.11
19-Oct-06 3677.8 -0.885 2069 -0.2315 0.784 0.205 550.6 -1.247 1.1035 1045 3.287 -2.91
20-Oct-06 3676.9 -0.026 2064 -0.2127 7E-04 0.005 556.55 1.0806 -0.0279 1083 3.618 -0.09
21-Oct-06 3683.5 0.1809 2074 0.46994 0.033 0.085 553.6 -0.53 -0.0959 1104 1.944 0.35
23-Oct-06 3657.3 -0.711 2042 -1.5551 0.506 1.106 547.3 -1.138 0.8094 1130 2.365 -1.68
26-Oct-06 3677.6 0.5537 2073 1.55764 0.307 0.862 557.1 1.7906 0.9914 1117 -1.133 -0.63
27-Oct-06 3739.4 1.6805 2093 0.92604 2.824 1.556 563.2 1.095 1.84 1106 -0.954 -1.6
30-Oct-06 3769.1 0.7956 2128 1.67977 0.633 1.336 554.55 -1.536 -1.2219 1092 -1.252 -1
31-Oct-06 3744.1 -0.663 2096 -1.5134 0.44 1.004 538.3 -2.93 1.9436 1090 -0.256 0.17
1-Nov-06 3767.1 0.613 2103 0.37938 0.376 0.233 537.5 -0.149 -0.0911 1091 0.087 0.05
2-Nov-06 3791.2 0.6411 2085 -0.889 0.411 -0.57 533.15 -0.809 -0.5188 1080 -0.958 -0.61
3-Nov-06 3805.4 0.3732 2075 -0.4725 0.139 -0.18 529.3 -0.722 -0.2695 1079 -0.079 -0.03
6-Nov-06 3809.3 0.1025 2070 -0.2362 0.011 -0.02 532 0.5101 0.0523 1075 -0.426 -0.04
7-Nov-06 3798.8 -0.276 2102 1.5628 0.076 -0.43 530.95 -0.197 0.0544 1079 0.437 -0.12
8-Nov-06 3777.3 -0.565 2126 1.1178 0.319 -0.63 535.3 0.8193 -0.4626 1087 0.718 -0.41
9-Nov-06 3796.4 0.5057 2137 0.53155 0.256 0.269 533.9 -0.262 -0.1322 1083 -0.359 -0.18
10-Nov-06 3834.8 1.0102 2140 0.124 1.02 0.125 536.65 0.5151 0.5203 1080 -0.291 -0.29
13-Nov-06 3858.8 0.6259 2160 0.95102 0.392 0.595 542.05 1.0062 0.6298 1067 -1.213 -0.76
14-Nov-06 3865.9 0.1853 2211 2.33317 0.034 0.432 545.4 0.618 0.1145 1059 -0.708 -0.13
15-Nov-06 3876.3 0.269 2223 0.54738 0.072 0.147 548.05 0.4859 0.1307 1065 0.543 0.15
16-Nov-06 3876.9 0.0142 2200 -1.0213 2E-04 -0.01 553.65 1.0218 0.0145 1063 -0.174 -0
17-Nov-06 3852.8 -0.62 2186 -0.6159 0.385 0.382 550.25 -0.614 0.381 1064 0.028 -0.02
20-Nov-06 3856.2 0.0869 2254 3.08269 0.008 0.268 554.5 0.7724 0.0672 1069 0.48 0.04
21-Nov-06 3918.3 1.6104 2257 0.1198 2.593 0.193 569.3 2.6691 4.2983 1076 0.66 1.06
22-Nov-06 3954.8 0.9315 2226 -1.3716 0.868 -1.28 585.1 2.7753 2.5853 1106 2.835 2.64
23-Nov-06 3945.5 -0.235 2237 0.51673 0.055 -0.12 582.75 -0.402 0.0944 1097 -0.854 0.2
24-Nov-06 3950.9 0.1369 2236 -0.0693 0.019 -0.01 590.15 1.2698 0.1738 1087 -0.862 -0.12
27-Nov-06 3968.9 0.4569 2218 -0.7918 0.209 -0.36 601.3 1.8894 0.8632 1095 0.717 0.33
28-Nov-06 3921.8 -1.188 2165 -2.3852 1.411 2.834 585.35 -2.653 3.1512 1118 2.073 -2.46
29-Nov-06 3928.2 0.1645 2157 -0.3811 0.027 -0.06 582.85 -0.427 -0.0702 1149 2.746 0.45
30-Nov-06 3954.5 0.6695 2180 1.06879 0.448 0.716 599.9 2.9253 1.9585 1148 -0.039 -0.03
1-Dec-06 3997.6 1.0899 2195 0.70423 1.188 0.768 601.05 0.1917 0.2089 1144 -0.344 -0.37
4-Dec-06 4001 0.0851 2207 0.5558 0.007 0.047 590.75 -1.714 -0.1457 1150 0.511 0.04
5-Dec-06 4015.8 0.3687 2239 1.44297 0.136 0.532 593.3 0.4317 0.1591 1161 0.939 0.35
6-Dec-06 4016 0.005 2249 0.43768 ##### 0.002 589.95 -0.565 -0.0028 1150 -0.943 -0
7-Dec-06 4015.4 -0.015 2224 -1.1161 2E-04 0.017 584.25 -0.966 0.0144 1165 1.278 -0.02
8-Dec-06 3962 -1.329 2196 -1.2703 1.765 1.688 576.95 -1.249 1.6601 1199 2.941 -3.91
11-Dec-06 3849.5 -2.839 2195 -0.0342 8.063 0.097 567.2 -1.69 4.7985 1189 -0.788 2.24
12-Dec-06 3716.9 -3.445 2164 -1.3919 11.87 4.795 558.5 -1.534 5.2835 1192 0.256 -0.88
13-Dec-06 3765.2 1.2995 2150 -0.6746 1.689 -0.88 555.45 -0.546 -0.7096 1192 -0.042 -0.05
14-Dec-06 3843.1 2.0676 2196 2.16082 4.275 4.468 569.55 2.5385 5.2486 1199 0.562 1.16
15-Dec-06 3888.7 1.1866 2234 1.70302 1.408 2.021 566.65 -0.509 -0.6042 1194 -0.359 -0.43
18-Dec-06 3928.8 1.0312 2225 -0.403 1.063 -0.42 583 2.8854 2.9754 1177 -1.457 -1.5
19-Dec-06 3832 -2.463 2158 -3.0074 6.064 7.406 566.75 -2.787 6.8641 1173 -0.293 0.72
20-Dec-06 3815.6 -0.429 2171 0.60716 0.184 -0.26 555.25 -2.029 0.8711 1121 -4.512 1.94
21-Dec-06 3833.5 0.4704 2164 -0.3225 0.221 -0.15 558.25 0.5403 0.2542 1121 0.031 0.01
22-Dec-06 3871.2 0.9821 2174 0.46679 0.965 0.458 574.5 2.9109 2.8589 1150 2.565 2.52
26-Dec-06 3940.5 1.7915 2219 2.10001 3.209 3.762 597.5 4.0035 7.1721 1160 0.922 1.65
27-Dec-06 3974.3 0.8565 2253 1.49587 0.734 1.281 607.1 1.6067 1.3761 1181 1.814 1.55
28-Dec-06 3970.6 -0.093 2248 -0.1975 0.009 0.018 608.45 0.2224 -0.0207 1142 -3.335 0.31
29-Dec-06 3966.4 -0.105 2242 -0.2847 0.011 0.03 605.9 -0.419 0.0438 1129 -1.147 0.12
2-Jan-07 4007.4 1.0337 2273 1.37613 1.069 1.422 611.55 0.9325 0.9639 1137 0.726 0.75
3-Jan-07 4024.1 0.4155 2311 1.70286 0.173 0.708 620.2 1.4144 0.5877 1154 1.495 0.62
4-Jan-07 3988.8 -0.876 2285 -1.127 0.767 0.987 606.5 -2.209 1.935 1191 3.245 -2.84
5-Jan-07 3983.4 -0.135 2275 -0.4485 0.018 0.061 598.05 -1.393 0.1886 1196 0.386 -0.05
8-Jan-07 3933.4 -1.255 2206 -3.0527 1.576 3.832 578.5 -3.269 4.1032 1212 1.329 -1.67
9-Jan-07 3911.4 -0.559 2190 -0.7028 0.313 0.393 579.9 0.242 -0.1354 1222 0.833 -0.47
10-Jan-07 3850.3 -1.562 2164 -1.1712 2.44 1.829 590.05 1.7503 -2.7341 1249 2.169 -3.39
11-Jan-07 3942.3 2.3881 2183 0.85703 5.703 2.047 619.55 4.9996 11.94 1280 2.535 6.05
12-Jan-07 4052.5 2.7954 2223 1.85066 7.814 5.173 626.45 1.1137 3.1132 1259 -1.648 -4.61
15-Jan-07 4078.4 0.6404 2243 0.87928 0.41 0.563 626.95 0.0798 0.0511 1263 0.314 0.2
16-Jan-07 4080.5 0.0515 2222 -0.9251 0.003 -0.05 636.9 1.587 0.0817 1244 -1.52 -0.08
17-Jan-07 4076.5 -0.099 2205 -0.7538 0.01 0.075 633.9 -0.471 0.0468 1256 1.013 -0.1
18-Jan-07 4109.1 0.7997 2224 0.8479 0.64 0.678 641.6 1.2147 0.9714 1235 -1.671 -1.34
19-Jan-07 4090.2 -0.46 2202 -0.9801 0.212 0.451 620.65 -3.265 1.5019 1278 3.42 -1.57
22-Jan-07 4102.5 0.3007 2254 2.34522 0.09 0.705 621.75 0.1772 0.0533 1324 3.624 1.09
23-Jan-07 4066.1 -0.886 2235 -0.8363 0.785 0.741 620.75 -0.161 0.1425 1326 0.181 -0.16
24-Jan-07 4089.9 0.5853 2234 -0.0492 0.343 -0.03 632.9 1.9573 1.1457 1324 -0.17 -0.1
25-Jan-07 4147.7 1.4132 2241 0.31109 1.997 0.44 651.3 2.9073 4.1086 1305 -1.469 -2.08
29-Jan-07 4124.5 -0.561 2244 0.15172 0.314 -0.09 630.3 -3.224 1.8074 1315 0.828 -0.46
31-Jan-07 4082.7 -1.012 2247 0.12921 1.025 -0.13 613.25 -2.705 2.7382 1298 -1.315 1.33
1-Feb-07 4137.2 1.3349 2269 0.96338 1.782 1.286 622.3 1.4757 1.97 1313 1.179 1.57
2-Feb-07 4183.5 1.1191 2266 -0.1498 1.252 -0.17 643.1 3.3424 3.7406 1303 -0.818 -0.92
5-Feb-07 4215.4 0.7613 2269 0.16552 0.58 0.126 633.85 -1.438 -1.095 1307 0.342 0.26
6-Feb-07 4195.9 -0.461 2273 0.16084 0.213 -0.07 634.8 0.1499 -0.0692 1315 0.635 -0.29
7-Feb-07 4224.3 0.6757 2357 3.70004 0.457 2.5 642.8 1.2602 0.8515 1298 -1.346 -0.91
8-Feb-07 4223.4 -0.02 2374 0.70639 4E-04 -0.01 635.45 -1.143 0.023 1278 -1.53 0.03
9-Feb-07 4187.4 -0.852 2361 -0.5245 0.727 0.447 643.1 1.2039 -1.0262 1292 1.107 -0.94
12-Feb-07 4058.3 -3.083 2351 -0.4235 9.505 1.306 630.4 -1.975 6.0885 1301 0.654 -2.02
13-Feb-07 4044.6 -0.339 2304 -2.0011 0.115 0.678 637.8 1.1739 -0.3977 1306 0.408 -0.14
14-Feb-07 4047.1 0.063 2285 -0.8485 0.004 -0.05 650.2 1.9442 0.1226 1298 -0.567 -0.04
15-Feb-07 4146.2 2.4487 2383 4.30263 5.996 10.54 677 4.1218 10.093 1306 0.608 1.49
19-Feb-07 4164.6 0.4426 2376 -0.2875 0.196 -0.13 681.25 0.6278 0.2778 1305 -0.138 -0.06
20-Feb-07 4107 -1.383 2360 -0.6797 1.913 0.94 664.25 -2.495 3.4514 1287 -1.311 1.81
21-Feb-07 4096.2 -0.262 2311 -2.0784 0.069 0.544 668.4 0.6248 -0.1635 1256 -2.455 0.64
22-Feb-07 4040 -1.372 2288 -1.0126 1.882 1.389 649.85 -2.775 3.8077 1253 -0.231 0.32
23-Feb-07 3939 -2.501 2238 -2.177 6.256 5.445 623.3 -4.086 10.219 1261 0.627 -1.57
26-Feb-07 3942 0.0774 2218 -0.8737 0.006 -0.07 613.6 -1.556 -0.1205 1292 2.499 0.19
27-Feb-07 3893.9 -1.22 2187 -1.4043 1.489 1.714 604.55 -1.475 1.7997 1310 1.358 -1.66
28-Feb-07 3745.3 -3.816 2078 -5.0046 14.56 19.1 562.4 -6.972 26.607 1300 -0.783 2.99
1-Mar-07 3811.2 1.7595 2159 3.9277 3.096 6.911 591.5 5.1743 9.1043 1284 -1.208 -2.13
2-Mar-07 3726.8 -2.216 2094 -3.0405 4.91 6.737 574.2 -2.925 6.4808 1294 0.814 -1.8
5-Mar-07 3576.5 -4.032 2007 -4.1247 16.25 16.63 536.95 -6.487 26.155 1277 -1.31 5.28
6-Mar-07 3655.7 2.2131 2114 5.34589 4.898 11.83 578.3 7.7009 17.043 1286 0.685 1.52
7-Mar-07 3626.9 -0.788 2085 -1.3762 0.621 1.084 553.85 -4.228 3.3308 1264 -1.707 1.34
8-Mar-07 3761.7 3.7167 2136 2.41686 13.81 8.983 572.5 3.3673 12.515 1193 -5.597 -20.8
9-Mar-07 3718 -1.16 2121 -0.693 1.347 0.804 565.65 -1.197 1.3884 1255 5.132 -5.96
12-Mar-07 3734.6 0.4465 2115 -0.2664 0.199 -0.12 571.8 1.0872 0.4854 1209 -3.674 -1.64
13-Mar-07 3770.6 0.9626 2105 -0.4846 0.927 -0.47 583.9 2.1161 2.037 1156 -4.385 -4.22
14-Mar-07 3641.1 -3.433 2020 -4.0403 11.79 13.87 555.25 -4.907 16.845 1197 3.609 -12.4
15-Mar-07 3643.6 0.0687 2079 2.94059 0.005 0.202 562.3 1.2697 0.0872 1192 -0.455 -0.03
16-Mar-07 3608.6 -0.962 2047 -1.5365 0.925 1.478 565.25 0.5246 -0.5047 1218 2.232 -2.15
19-Mar-07 3678.9 1.9495 2087 1.94388 3.801 3.79 578.25 2.2999 4.4837 1212 -0.513 -1
20-Mar-07 3697.6 0.5083 2056 -1.502 0.258 -0.76 573.4 -0.839 -0.4263 1235 1.885 0.96
21-Mar-07 3764.6 1.8106 2094 1.85077 3.278 3.351 581.75 1.4562 2.6367 1265 2.462 4.46
22-Mar-07 3875.9 2.9579 2119 1.19869 8.749 3.546 594.7 2.226 6.5843 1214 -4.098 -12.1
23-Mar-07 3861.1 -0.383 2093 -1.2482 0.147 0.478 597.3 0.4372 -0.1675 1234 1.71 -0.66
26-Mar-07 3820 -1.064 2058 -1.6463 1.133 1.752 581.7 -2.612 2.7802 1238 0.271 -0.29
28-Mar-07 3761.1 -1.541 1992 -3.2116 2.373 4.948 559.1 -3.885 5.9855 1261 1.879 -2.89
29-Mar-07 3798.1 0.9838 1991 -0.0678 0.968 -0.07 565.9 1.2162 1.1965 1253 -0.627 -0.62
30-Mar-07 3821.6 0.6174 2019 1.40403 0.381 0.867 559.4 -1.149 -0.7092 1267 1.117 0.69
146.98 38.6015 2250 2040 16.794 2841.2 9E+05 59.92 77.8
Beta of Infosys =0.68
Beta of Wipro = 0.79

Beta of TCS=0.91
.

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Equity Evaluation of Top 3 IT companies

For investment purposes it is very important to know about security markets

1. Executive Summary 7-13

Design of the study

Title of the study

Objectives of the study

b) To evaluate the financial performance of these companies through fundamental

c). To determine the Equity prices through Equity Valuation Models.

d) To evaluate the prices of these companies.

e) To design strategy for profitable investment in equities which yields maximum

Scope of the study

b) The study covers only top three companies in IT sector

Need for the study

Need for Equity valuation of IT Companies.

 Discussion with the company official

 Annual Reports of the companies

Sample unit: Equity shares of the selected companies

Sample size: 5 years financial data of these companies

3) The fundamental analysis of the companies revels the following

Model Wipro TCS Infosys

2) The current volatility in the market is due to Rupee appreciation, and

6) It is advisable for the investor to go through the fundamental of the companies

Motilal Oswal Securities Ltd

Motilal Oswal Financial Services Ltd., consists of four companies.

The two important operations carried out are

1) Raising of the new capital

The important constituents of capital market are:

1. The stock exchanges

The Global Economy

The main features of the Global Economy are as follows

2) gross world product:purchasing power parity exchange rates are $59.38

5)GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2004)

Unemployment rate: 30% combined unemployment and underemployment in many non-

Industries: dominated by the onrush of technology, especially in computers,

Yearly exports: $6.6 trillion (f.o.b., 2002 est.)

Telephones - main lines in use: 843,923,500 (2003)

India's economy is diverse, encompassing agriculture, handicrafts, textile,

India followed a socialist-inspired approach for most of its independent

India's public expenditure is classified as development expenditure, comprising central plan

India's non-development revenue expenditure has increased nearly fivefold in 2003–

World rank Profits AssetsMarket

Banking and finance

Foreign Direct Investment in India

The growth story:

Growing products market:

Geographic break up: top firms

Financial year 2006

Total sales: Rs.35579 Crore

Total sales: Rs.63749

This is based on data of

Whats wrong with IT stocks

What the big guys do?

#Pressure on volumes #Cross selling of services

# High dependence on BFSI #Strengthening skills in verticals

#Margin pressures #Better utilization, lower attrition

#U.S. slowdown # Geographical diversification

1) Wipro Technologies – global IT service and products

Rewards and Recognitions

Wipro in terms of Numbers

Share Capital 465.128 465.52 1407.14 2852 2918

Reserve and surplus 32838 34610 47529 63277 93077

Shareholders fund 33303.128. 35075.52 48936.14 66129 95995

Loan funds 6974.77 1006.88 620 758 3856